Politics

We aim to keep you informed of key Westminster parliamentary activity, including select committee inquiries and early day motions. Members and associates can also track key bills as they pass through the legislative process, keep up to date with the policies/pledges of the coalition government and the opposition, and with our public affairs work through our activities page.

A round-up of Westminster business during the week beginning 7 May:

Sadly housing did not feature amongst the government’s priorities for the next parliamentary session. While the opening line from the Queen’s speech promised a legislative programme prioritising economic growth, the coalition government has been criticised by business leaders for not moving fast enough. The proposals which may have an impact on the mortgage lending community include:

• A Banking Reform Bill to implement the Independent Commission on Banking’s recommendations to ring-fence retail banking services from investment activities. The chancellor is likely to provide more details, (along with the publication of a white paper) during his Mansion House speech expected on 14 June.
• A wide-ranging Enterprise and Regulatory Reform Bill covering competition, employment disputes, director's pay and regulatory reform. The bill will create a new Competition and Markets Authority by merging the Competition Commission and parts of the Office of Fair Trading. It also aims to reduce burdens on business by repealing unnecessary legislation, and strengthen the legal framework for sunset clauses on regulation.
• Both the Financial Services Bill and the Local Government Bill have been carried over from the previous parliamentary session. The former establishes the new financial services regulatory system, and the latter includes a provision that will make mortgage lenders in possession liable for council tax.

The Commons CLG committee published a report following its inquiry into financing new housing supply. The committee concluded that there is “no silver bullet” to solve the country’s housing problems, and the government must employ a range of measures across all tenures if sufficient finance is ever to be available. The committee set out four key areas for action:

• Large-scale investment from institutions and pension funds;
• Changes to the financing of housing associations;
• Greater financial freedom for local authorities; and
• New and innovative models, including a massive expansion of self build housing.

The Ministry of Justice published statistics showing a decline in claims leading to court orders for mortgage repossession during the first quarter of this year. This on the same day as the publication of our own figures, showing an improvement in arrears cases and repossession remaining stable. 

Shadow financial services secretary Chris Leslie introduced an adjournment debate on the roll-out of administrative arrangements for the new universal credit. On direct payments, DWP minister Maria Miller spoke about the importance of claimants using bank accounts and that they are discussing this issue with the British Bankers’ Association. She also gave information on the three phases of transition to universal credit beginning in October 2013 with all current benefits and credits phased out by April 2014.

By 2025 London faces a housing gap of 325,000 homes unless serious action is taken, according to IPPR. In a new report, the think tank urges London’s mayor to make housing a policy priority, and calls for extra powers to boost the capital’s house-building, and curb rising prices and rents.

IPPR also published a report looking at housing in Bradford, focussing on the effects of changes in tenure patterns, and highlights the significance of non-decent and empty homes in shaping the local housing market.

For information on our public affairs work, contact Michelle Vosper.