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(Except clauses 1, 4, 8, 189 and 209, schedules 1, 23 and 33 and certain new clauses and new schedules) - Clause 21 - Real estate investment trusts

Part of Finance Bill – in a Public Bill Committee at 4:30 pm on 12th June 2012.

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Photo of Charlie Elphicke Charlie Elphicke Conservative, Dover 4:30 pm, 12th June 2012

I agree that that makes enormous sense for the private rented sector. My worry is that if the return rate is too high, there will then be pressure for higher rents, and that as the overwhelming majority of social rents are paid for by the taxpayer through housing benefit, we will—following the money—put more strain on the public finances. That is why we should be very cautious about introducing equity-style returns into the social housing sector, because it will be paid for by the taxpayer at a time when the public finances are under considerable pressure.