A new report, commissioned by Southwark Council, and backed by over 100 other councils “representing every corner of England”, urges the government to provide £644m in emergency capital funding to stabilise Housing Revenue Accounts in the short-term and prevent waste caused by delaying or cancelling investment plans.

The report states that the one-off capital funding injection of £644m equates to the income lost due to the rent cap from 2023 to 2025.

‘Securing the future of council housing’, which will be launched at an event at Central Hall, Westminster, today says that the Housing Revenue Account (HRA) system “is now in a perilous state and even a new rent settlement alone cannot fix it.”