A BILL enabling a phased release of up to #5bn of council house sales receipts in England and Wales will form a key part in the Government's drive to house the homeless.
However, the position in Scotland is less clear-cut: Labour's Scottish election manifesto promised only a ''review'' of the existing policy of forcing councils to use 75% of their capital receipts from housing to service debt repayments.
Scottish Secretary Donald Dewar said yesterday there would be an ''important initiative'' on housing which was not dependent on new legislation, but gave no further details.
Officials in London described provision in the Local Authority (Capital Receipts) Bill as ''the first step towards delivering the Government's commitment to reinvest capital receipts from the sale of council houses in building new homes and renovating old ones''.
As well as tackling homelessness, Ministers see the new programme as a means of providing work in the construction industry.
It should also spin off into other parts of the economy as new owners and tenants equip the properties.
The Conservatives argued during the election campaign that the interest raised by the receipts helps keep down public borrowing and that spending the resources could eventually mean higher taxes.
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