Provision of council homes at social and living rents

That this House notes that providing grants to enable councils to deliver much-needed homes at social and living rents would save the exchequer money in the medium and long-term; recognises that, under the self-financing settlement package for council housing introduced in 2012, councils were made to take on over £8 billion of national debt through tenants' rents based on the assessment at the time that councils did not need the money; further notes that due to the current housing crisis the money is urgently needed by councils and that the original £8 billion has inflated to the equivalent of over £11.7 billion by 2023; and urges the Government to commit to return the money through £11.7 billion in social housing grants to councils which would enable approximately 120,000 additional homes to be provided at social and living rents, help tackle the housing crisis and save public money through reduced housing income support in the medium and long-term.