Housing bosses say they welcome plans to scrap the borrowing cap following months of asking the Government for this change.
Prime Minister Theresa May this week announced her proposals to remove the cap, during a speech to the Conservative Party’s conference in Birmingham.
It means Stoke-on-Trent City Council would potentially be able to increase its building rate – adding to an already rapidly growing portfolio of new social and affordable homes for residents.
Councillor Randy Conteh, Stoke-on-Trent City Council’s cabinet member for housing, communities and safer city, said: “This is fantastic news, and follows months of hard work in pushing for this change. The city council was part of a small group of organisations that worked together to get this type of deal in place, which we believe has led to this very positive announcement.
“The city council has very ambitious housing plans designed to try to address the needs of the area and equally important, the quality of the offer.
“The ability to up our game via increased development would be great news in terms of its impact on the housing pressures as well as in keeping the local economy active.”
For all media enquiries please contact the Communications Department at Stoke-on-Trent City Council on 01782 232265.