My Lords, I am grateful for all the contributions to this debate. I shall keep my comments short.
The first point to be clear on is that the amendment would in no way restrict either the Government or local government. It is foursquare with bespoke agreements that meet local need, and that is absolutely clear within the text. It is also clear that the Secretary of State would not need to reach agreement with a local authority if he was not persuaded by the arguments.
The amendment would do two crucial things. First, it would make clear that, where an agreement was reached, funding could be retained from the receipt. That is something on which the provisions are silent within the overall Bill at the moment but, given the uncertainties about funding, it seems to be a crucial point. Secondly, it would give a local authority not the right but the opportunity to make its case for social rent replacement. In no sense is that restrictive. In the end, the Secretary of State could decide whether to reach an agreement and whether he concurred with the view of the local authority on social rent. It is hard to see how that would cut across financial privilege or restrict the choices for a Minister, or indeed for a local authority.
I have listened very carefully to the arguments, but I believe that this is such an important issue for local government that, with regret, I wish to test the opinion of the House on this issue.