Clause 24
Housing and Regeneration Bill
5:45 pm
George Young (North West Hampshire, Conservative)
I want to reflect on what the Minister said just before he sat down, because it may come up again under clause 25. It would be helpful if he could explain something about clause 24. I ask the question out of ignorance. I assume that the HCA will get some cash from the Government as well as having access to loans. Am I right in thinking that the money that it spends will not just be raised by borrowing, but that there will also be a cash budget for the HCA? If so, in what circumstances will the money spent by the HCA be spent out of the cash that is voted to it by the Government and in what circumstances will the money that it spends have to be recovered by a loan, either from the European Investment Bank or the HCA?
In respect of clause 2, when the HCA has to pay interest to the Secretary of State, presumably on the long-term borrowing, it would be helpful if the Minister could confirm that that is the arrangement under which the Housing Corporation and English Partnerships are funded. I should be interested to know the rate of interest that the predecessor organisations have to pay to the Secretary of State on the money that is outstanding by way of loan.