I wish to inform Parliament that Communities and Local Government has obtained approval for an advance from the Contingencies Fund to allow the recruitment and appointment of a chair, with support arrangements, and for the recruitment of committee members, for the reformed Homes and Communities Agency’s (HCA) Regulation Committee ahead of Royal Assent of the Localism Bill, which is currently before Parliament.
Bringing forward this expenditure through a Contingencies Fund advance will enable efficiency savings to be achieved and provide significant reductions in public spending.
The HCA’s Regulation Committee will focus on the economic regulation of the social housing sector. Economic regulation provides investors with necessary assurance that the sector is properly governed and financially viable.
Parliamentary approval for resources of £14,000 for this new service will be sought in a supplementary estimate for Communities and Local Government. Pending that approval, urgent expenditure estimated at £14,000 will be met by repayable cash advances from the Contingencies Fund.