Brexit: Affordable Housing

Baroness Smith of Basildon Excerpts

Thursday 21st December 2017 Lords Chamber

[Lord Bourne of Aberystwyth]

My Lords, my noble friend is, of course, right about the adverse effect that the decision to raise those interest rates will have on the construction sector in the United Kingdom and elsewhere, and he is right to say that the Bank of England will have increased freedom once we leave the EU. However, of course, banks have to compete in an international environment as well.

[Baroness Smith of Basildon (Lab)]

My Lords, as Christmas is upon us we all think of those who are homeless, as was raised in the other place just yesterday. Last year, the European Investment Bank invested £1 billion in social housing projects in the UK. That made it the largest investor in social housing here at home. Yet now Article 50 has been triggered, it is saying that that investment will stop. What plans do the Government have to replace that investment, and how will the Minister address the plight of the homeless this Christmas and in the future without that investment?