Business & Finance
Blueprint for truly affordable homes could slash 1.2 million council waiting lists
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Press release
Embargo date: from 00.01 a.m., Monday, 20 February 2023
Blueprint for truly affordable homes could slash 1.2 million council waiting lists
- New generation of Public Rental Homes (PRH) needed to match the needs and pockets of 1.2 million households on waiting lists.
- New Public/Private partnership model for half-market rent homes designed for local needs, built by private developers.
- Site-by-site appraisals rather than top-down planning targets form the bedrock of local PRH programmes.
The Housing Finance Institute (HFI) and Localis today publish a 30-page blueprint designed to stimulate a new generation of council homes.
‘Public Rental Homes – fresh perspectives’ provides a solution to the challenge that just 6,000 of the 52,000 new homes listed as ‘affordable’ in 2020/21 by local councils were truly affordable by 1.2 million households on waiting lists.
Local authorities would have the opportunity to develop plans to slash council waiting lists and galvanise local housebuilding by partnering with private developers to build homes by adopting this new-generation PRH model, that flips the traditional approach to negotiations on ‘affordable’ provision.
Currently councils negotiate with developers to determine the percentage of affordable homes a scheme can provide, based on the total private unit sales. ‘Affordable’ rents can vary from 50% of local market rents up to 90%. Subsidised sales are included in the percentages. The PRH model flips the question to ‘what percentage of private homes are needed to produce sufficient PRH homes?
Under the PRH model – which deals in ‘bottom up’ plans, not top-down targets – local authorities would be responsible for identifying sites that might meet PRH criteria and initiate discussion with developers. For their part, developers would assume 100% of the risk and a 20% margin on both the PRH homes as well as their own private units.
Report author, Peter Bill, said: “Families on council waiting lists are squeezed to the bottom of pile by financial pressures on councils and developers trying to agree the percentage of affordable homes. A new perspective is needed to ensure the needs of these families become the top priority on sites where PRH is viable.
“The PRH approach addresses that need and provides fresh impetus to councils looking to house those on their waiting list and to developers looking for better, simpler, ways to build. Site by site viability is the key. Developers take 100% of the risk and therefore deserve a 20% profit margin.”
Co-author, Jackie Sadek, said: “We need to get on and deliver. Stop arguing about the whys and the wherefores. Delivery only happens on the ground, not from Whitehall. Let’s try to crack this massive crisis, not top down, but bottom up. Every council should be supported in drawing up a 10 year Plan to deliver Public Rental Homes.”
Chair of The Housing and Finance Institute Board, Sir Steve Bullock, said: “Thousands of families and individuals, both young and old, are caught in the trap of being unable to afford to buy or rent privately but finding no alternative that they can possibly afford either. More people are falling into this trap each month yet the supply of new affordable homes is actually diminishing.
“The impact of the cost-of-living crisis makes finding a response ever more urgent and the HFI has commissioned this research to offer a way forward that can attract support on a cross party basis.
“Putting the emphasis on building new social homes has the potential to be a win–win with homeless people having a better chance of moving to decent properties that they can afford and make into homes while the economic impact of the construction will have wider benefits.
“Doing this at pace will need a different mindset at all levels of government and the HFI will press for that and work with councils, government and developers in the coming weeks to make this happen.”
ENDS
Press enquiries:
Jonathan Werran, chief executive, Localis
(Telephone) 0870 448 1530 / (Mobile) 07967 100328 / (Email) [email protected]
Notes to Editors:
- The policy paper ‘Public Rental Homes – fresh perspectives_ is being launched In the Council Room, One Great George Street at 10.30 a.m. on Monday 20 February.
Press places are available upon request or sign up here:
- A full copy of the embargoed policy paper “Public rental homes – fresh perspectives” can be downloaded here:
https://www.localis.org.uk/wp-content/uploads/2023/02/052_PRH_PRF5.pdf
Public Rental Homes– fresh perspectives
- Background
- The number of new homes built to suit the needs and the pockets of the 1.2 million households on council waiting lists has withered to 6,000 a year today, from close to 60,000 thirty years ago.
- There are 6.2 million households in the lowest household income quintile who cannot afford to pay above what is defined as ‘social rent’ – circa 50 percent of the free market rent in the locality.
- The Public Rental Homes (PRH) concept is more a new way of thinking about old challenges, rather than a new construct.
- Conceptualising fresh ways to add to, rather than supplant, the existing affordable homes programme, without the requirement for legislation or changes to the planning system. Constructing ways of boosting ‘social rent’ home numbers viably, without grinding into political or planning battles
- The PRH model is done in a way that would:
- appeal to both main parties.
- match the needs of local families waiting for homes.
- Is not done in response to theoretical targets.
- Built by the private sector who take 20% profit on both the private and PRH model homes in return for taking 100% of the development risk. Done in partnership with the council acting as a prime promoter, perhaps supplier of land, giver of permissions and recipient of freehold homes.
- Achieved by flipping the viability model, working out how many PRH can be built from the set number of homes allowed on the site. Done on a site-by-site basis.
- The principle being this:
- if the viability study shows a positive land value agreed by all, then fine.
- If negotiations on the number of PRH units drives the land value into the red, then that red figure forms the basis for negotiations on land input figures, government loans, or grants.
- Report authors and co-sponsors
Peter Bill:
Peter is a
surveyor-turned-journalist who edited Building magazine for six years, before editing Estates Gazette for 11 years as well as writing for the Evening Standard. Peter spent 20 years prior to becoming a journalist working for construction companies, including a decade with housebuilder George Wimpey. Peters latest book is Broken Homes, Britain’s Housing Crisis Faults, Factoids and Fixes, was published in 2020 and co-written with Jackie Sadek.
Jackie Sadek
Jackie Sadek has over 30 years’ experience in property, specializing in public-private sector partnership and was full time Specialist Adviser to government on urban regeneration. Jackie now runs Urban Strategy, a bespoke urban regeneration consultancy. She was member of Grimsey Review team on the future of the high street and is an honorary Fellow of ACES, the Association of Chief Estates Surveyors. Jackie, who writes regularly for EG, is co-author with Peter Bill of Broken Homes; Britain’s Housing Crisis, Faults Factoids and Fixes.
About The Housing and Finance Institute
Who we are
In January 2014, Natalie Elphicke and Councillor Keith House were appointed to lead a review into the role that councils can play in supporting housing supply.
When they reported in 2015 the Government welcomed the report, and accepted the core recommendations that, whilst much had been achieved, local authorities could do more to play a central role in supporting the provision of new homes, across all housing tenures. The report included recommendations for both central and local government.
As part of its response to the report the government worked with Keith House and Natalie Elphicke to implement a Housing Finance Institute (HFI), as recommended by their review.
Funded privately, it addressed the skills and knowledge gap in delivering local authority housing identified as one of the key recommendations of the report and worked wit a range of partners to facilitate dedicated support in areas such as setting up and managing public private sector joint ventures or developing capacity and skills in areas such as land assembly or developing investment vehicles.
The HFI is independent and has a board which is cross party and cross sector. Its Chief Executive was Natalie Elphicke until her election to Parliament. It developed programmes to help create the necessary capacity to build new homes through its Housing Business Ready programme and also published a series of thought-provoking reports looking at critical housing issues.
A key aspect of HFI’s approach was bringing together those involved from a range of background to share expertise and learning which was difficult to replicate during the COVID restriction and together with the departure of the founding Chief Executive led to a reduction in activity by HFI.
The continued growth in demand for housing that families on a range of income can afford and make their homes coupled with a slowdown of delivery of new affordable homes has led the HFI’s board to relaunch it as a critical voice in addressing this urgent challenge.
On 20 February it will publish a new study looking at a potential radical model for securing more social housing while Natalie Elphicke is developing a proposal to create a Housing Accelerator Taskforce to bring forward 100,000 extra homes over the next 18 months which the HFI will lead as a hub to support housing delivery and partnership working, skills and training across the public and private sectors.
About Localis
Localis is an independent think-tank dedicated to issues related to politics, public service reform and localism. We carry out innovative research, hold events and facilitate an ever growing network of members to stimulate and challenge the current orthodoxy of the governance of the UK.
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Business & Finance
Poundland’s Last-Minute Rescue Deal
Poundland is pursuing a rescue deal to avoid collapse amid financial woes, affecting UK retailers.
Poundland is in a critical situation as it seeks a last-minute rescue deal to prevent its collapse. The British retailer, unable to purchase new stock due to severe financial constraints, faces an uncertain future. This development, reported on November 11, 2026, underscores a challenging period for the company and highlights broader issues impacting UK high street retailers. The potential failure of such a well-known brand has raised significant concerns about the health of the retail sector.
Gordon Brothers, a potential suitor for Poundland, is actively involved in efforts to secure a rescue deal. The firm is urging the release of necessary funding to finalise the sale, which is seen as vital to ensure the retailer’s survival. This move is not just about saving Poundland but also about stabilising confidence in the sector that has been increasingly under pressure. The stakes are high, and the outcome remains crucial not only for the company but for its employees and the wider retail landscape.
The urgency of the situation cannot be overstated. Poundland’s inability to secure new stock due to its financial woes is a direct consequence of deeper issues plaguing the retail industry. This predicament has sparked fears of a complete collapse, which would have significant repercussions for employees and consumers reliant on the affordability and convenience of Poundland stores. The retailer’s plight is a stark reminder of the precarious position of many high street brands in the current economic climate.
The broader trend of financial struggles among UK retailers is evident, as noted by Sky News. Poundland’s situation is emblematic of the pressures facing many high street businesses today. Rising costs, changing consumer habits, and intense competition from online retailers have created a perfect storm, threatening the survival of traditional brick-and-mortar establishments. The outcome of Poundland’s rescue deal could set a precedent for how other struggling retailers navigate similar challenges.
As the situation unfolds, the focus remains on whether the necessary funding and agreements can be secured in time to save Poundland. The company’s future hangs in the balance, and the need for a decisive resolution is paramount. The involvement of Gordon Brothers adds a layer of potential optimism, but the complex nature of retail financing means the path to a successful deal is fraught with uncertainty.
The implications for UK high street retailers are significant. A collapse of Poundland could signal further instability, shaking consumer confidence and potentially leading to a domino effect among other retailers. Conversely, a successful rescue could provide a much-needed boost to the sector, offering a template for similar deals in the future. The retail industry will be closely watching the developments, as the outcome will likely influence strategic decisions across the market.
In conclusion, Poundland’s pursuit of a rescue deal is a critical moment for the retailer and the broader industry. The company’s ability to navigate this challenging period will depend heavily on the outcome of negotiations with Gordon Brothers and the timely release of funds. As of now, all eyes are on this high-stakes situation, and the coming days will be decisive. The retail sector’s trajectory may well hinge on the resolution of this pressing financial dilemma.
Business & Finance
Paraguay President Santiago Peña Resigns Amid Bank Collapse
Paraguay’s President Santiago Peña resigns amid a bank collapse impacting millions, sparking a major financial crisis.
On November 5, 2026, Paraguay’s political landscape was dramatically reshaped as President Santiago Peña resigned amid a severe financial crisis. This crisis, characterized by the collapse of a major bank, has left millions of Paraguayans with frozen savings, triggering widespread financial instability across the nation [The Guardian, November 2026]. The resignation came after intense public pressure, reflecting the profound impact of the banking sector’s failure on the country’s socio-economic fabric [The Guardian, November 2026].
The immediate catalyst for Peña’s resignation was the unprecedented bank failure that exposed significant vulnerabilities in Paraguay’s financial system. This collapse not only froze millions of savings but also drew international scrutiny to the country’s fiscal management [BBC, November 2026]. The banking debacle underscored the systemic issues within Paraguay’s financial institutions, raising questions about regulatory oversight and governance that have yet to be fully addressed.
Peña’s decision to step down was formally communicated through an official announcement, marking a pivotal moment in Paraguay’s political history [BBC, November 2026]. This move was largely seen as a response to growing unrest and a loss of confidence in his administration’s ability to manage the crisis effectively. The president’s resignation has opened a leadership vacuum at a critical juncture, as the nation grapples with stabilizing its economy and restoring public trust.
The international community has been closely monitoring the developments in Paraguay, with the bank collapse serving as a cautionary tale of financial mismanagement [BBC, November 2026]. While specific international responses were not detailed, the situation has likely prompted discussions on the need for stronger financial governance frameworks in similar emerging markets. The crisis has highlighted the interconnectedness of global financial systems and the potential repercussions of inadequate oversight.
As Paraguay faces this economic turmoil, the focus now shifts to the interim leadership and their strategies to mitigate the crisis’s impact. Restoring the public’s access to their frozen assets will be a priority, alongside implementing reforms to prevent future financial collapses. The path forward will require decisive action from both domestic policymakers and international financial bodies to ensure stability and confidence in Paraguay’s banking sector.
The ripple effects of this financial crisis extend beyond Paraguay, as regional economies assess their vulnerabilities to similar shocks. The need for robust risk management practices and transparency in financial dealings is underscored by this situation. Paraguay’s experience may serve as a catalyst for broader financial reforms within the region, promoting resilience against potential economic disruptions.
The coming weeks will be crucial in determining the effectiveness of Paraguay’s response to the crisis. The interim leadership’s ability to navigate these challenges will set the tone for the country’s economic recovery and political stability. Observers will be keenly watching for signs of progress as Paraguay seeks to rebuild its financial credibility and restore normalcy for its citizens.
Peña’s resignation, though a significant political event, is just the beginning of a complex recovery process for Paraguay. The nation’s future hinges on its capacity to implement necessary reforms and regain the confidence of both its people and the international community. The lessons learned from this crisis will likely inform future policy decisions, shaping Paraguay’s path toward economic resilience.
In the aftermath of this crisis, Paraguay’s financial system will inevitably undergo scrutiny and transformation. The global financial community will be attentive to how Paraguay addresses its systemic issues, with the potential for this situation to become a case study in crisis management and reform. The developments in Paraguay may influence how emerging economies structure their financial governance in the years to come.
Business & Finance
FBI Identifies North Korea as Culprit in $6.3 Billion Binance Crypto Hack
FBI attributes $6.3B Binance crypto hack to North Korea, raising security concerns. Binance covers 90% of losses.
In a striking attribution of cyber malfeasance, the Federal Bureau of Investigation has named North Korea as the perpetrator behind a colossal $6.3 billion hack on Binance, one of the world’s largest cryptocurrency exchanges. This revelation underscores persistent cybersecurity vulnerabilities and intensifies geopolitical tensions already fraught with complexity [The Guardian, November 2026].
The breach, now recognized as the largest of its kind, has sent shockwaves through the digital asset community, raising urgent questions about the robustness of current security protocols within the crypto industry [Al Jazeera, November 2026]. Despite the significant financial blow, Binance has demonstrated resilience by covering a substantial 90% of the losses, reflecting its commitment to maintaining user trust and stability [The Guardian, November 2026].
Binance’s response to the hack has been proactive, involving collaboration with international law enforcement agencies to pursue recovery of the stolen assets. A spokesperson from the exchange affirmed, “We are working closely with law enforcement to recover the funds,” indicating a strategic approach to mitigate the consequences of this unprecedented breach [The Guardian, November 2026].
The scale of the hack, valued at $6.3 billion, places it squarely in the spotlight of global financial and security discussions. It serves as a stark reminder of the vulnerabilities inherent in digital finance systems, particularly as they become more entwined with global economic infrastructures [Al Jazeera, November 2026].
North Korea’s involvement in such a high-profile cybercrime reflects broader geopolitical dynamics, where state-sponsored hacking has become a tool for economic gain and political leverage. This attribution by the FBI further complicates diplomatic relations and underscores the need for coordinated international responses to cyber threats [The Guardian, November 2026].
The incident has not only affected Binance but has also sent ripples across the broader cryptocurrency market, prompting investors and exchanges to reassess their security measures. The hack’s magnitude highlights the urgent need for enhanced protective measures and industry-wide collaboration to fortify digital asset exchanges against future threats [Al Jazeera, November 2026].
In the wake of this cyber assault, Binance’s robust response and coverage of losses may set a precedent for how exchanges handle such adversities in the future. It also emphasizes the critical role of transparency and accountability in maintaining user confidence and market integrity [The Guardian, November 2026].
As the situation unfolds, the interplay between cybersecurity and international politics will likely intensify, with potential repercussions for regulatory frameworks governing digital assets. The hacking incident serves as a catalyst for ongoing debates about the balance between innovation and security in the realm of cryptocurrency [Al Jazeera, November 2026].
Looking forward, the focus will remain on how Binance and other cryptocurrency platforms adapt to these evolving threats. Their ability to enhance security protocols and foster international cooperation will be crucial in defining the future landscape of digital finance. The world will closely monitor these developments, particularly as they relate to North Korea’s cyber capabilities and intentions [The Guardian, November 2026].
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