A different (Labour) way of financing social housing?

Under the plans, contained in a report produced for a think-tank, the new homes could pay for themselves within a generation through savings to housing benefit.

The report said the housing benefit bill has grown quicker under the Conservatives than under Labour administrations.

On current trends, the housing benefit bill is set to hit £45 billion in today’s prices by 2045, more than the UK currently spends on defence, the report said.

The report said the programme of affordable public homes to buy and rent could pay for itself in 26 years purely through lower housing benefit payments, returning a “profit” to the Exchequer of £5.8 billion over 30 years.