- recalibrate and stress test business plans and
- establish interim measures to ensure continuing liquidity and covenant compliance
In his discussions with the House of Lords on which the article is based, the chancellor states unequivocally:
“There hasn't been much pressure on the sector to be particularly efficient in recent years even though that pressure has been brought to bear on many public bodies, government departments and indeed private companies. Frankly, I think the housing association sector has a simple choice. It was in the manifesto, the government got elected with a clear majority and they can either work with us to make this happen and recognise that the government has a democratic mandate to deliver or they can be a more confrontational relationship but that's not one we seek.”
Meanwhile the Housing Minster Brandon Lewis this morning told delegates at the annual RESI conference that Housing Associations need to deliver more and use surpluses for building more new homes.
So it's clear that the delivery of value for money remains THE key issue for government and the regulator.
The Chair of the HCA also clarifies that in this month's 24 Housing Magazine, stating;
'We retain an interest that goes beyond governance process, viability outcomes and protecting social housing assets. We have a statutory objective to ensure that value for money is obtained from public investment in social housing and that associations perform their functions efficiently and economically.
So we expect a particularly rigorous approach to value for money as a component of every association’s fundamental review. For those with a diverse range of activities, this may include reconsidering what is core and non-core. For those who are particularly challenged on viability grounds it may include the consideration of merger options'
While the July budget has set the tone, the Housing Bill will lay the foundations for what
is unlikely to be the last word on the extent of the shades of change the government would like to implement.
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