I think that we must look at the funding model for RSLs. There is no doubt that the ability to leverage more capital is a significant driver in mergers, and we must be aware of that. The hon. Lady is quite right that it is a bit odd that organisations that started off as charities now operate, in effect, in the same way as large-scale commercial developers, but actually without some of the shareholder and other comeback that those in the commercial sector might have. We do need to look at that. The concept of RSLs can be excellent and they can do much good work, so the reverse can also be true. I have some very good, local, small RSLs in my constituency, much closer to the original intention, who do brilliant work. I therefore agree that it is time to look across the piece at the RSL market.
This is an important debate, and I am grateful to have taken part in it. The Secretary of State is an effective Minister and has shown real energy and determination throughout all of this, and my constituents have reason to be grateful to him for interventions in our area in the past. I am sure that he will take those points on board, because we have done a lot, but a few extra bits and an extra push could do so much more. We also need that bigger-picture look at our social housing market.
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