Finance Bill

My right hon. Friend is making some very powerful points. The private rented housing market is very diverse, but in areas like mine in Gateshead in the north-east of England, where we have a substantial private rented sector, unfortunately much of the property in that sector is housing of last resort and people are having to pay inflated rents for it—rents that are much higher than they would have to pay for much higher-quality socially rented housing in the neighbourhood.