I thank the noble Lord, Lord Kerslake, for that explanation. In that case, it means that there is going to be double the levy, not just one levy, for RTB for local authorities that have retained their stock—mainly city authorities. The cross-subsidy will come from those local authorities not just to fund RTB in their own district—we do not yet know how much redistribution there will be or on what geographical basis—but to cross-subsidise local authorities that transferred their stock five years ago, two years ago or 10 years ago. It is monstrous. You are asking those local authorities with retained stock to pay twice over for their own retained stock to fund the housing associations in their district council or unitary authority and to fund those which are not in their geographical area, are not part of their local authority and, frankly, have chosen to go down a different route.
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