The noble Baroness is correct that the policy will apply only in those local authorities that operate their own housing revenue account.
I hope that my responses have provided some reassurance to noble Lords on some points. The Government are committed to ensuring that the calculation of payments includes deductions in respect of the transaction costs for the sale of housing and in respect of the debt supported by the housing that is expected to be sold. I hope that noble Lords are also reassured that we are committed to ensuring that a portion of receipts will be used to deliver new homes, and that the agreements process will provide as much flexibility as possible for local authorities to deliver as many new homes as they can. The amendments would not guarantee the delivery of the new homes that are desperately needed in the same way as will the agreements process. I hope that, with those comments, the noble Lord will feel free to withdraw his amendment.
2.15 pm