The noble Baroness must be so pleased to be getting towards the end of this. I do not blame her at all for trying to push matters forward.
We are hearing a good deal today about financial privilege as the Government are deploying a tactic of pleading it as a reason to reject amendments passed in this House. The words must sound ironic to couples on the national minimum wage, who are deemed to be “financially privileged” if their household income exceeds £31,000 outside London or £40,000 in it, and therefore face, as we have heard, increases in their non-subsidised rent. They will no doubt contrast their position with the financial privilege extended to starter home buyers, who stand to benefit from discounts of more than £80,000 in London on the more expensive houses and tax-free capital gains when they eventually sell.
Nevertheless, I welcome the Government’s modest concession on the amendment in the name of the noble Lord, Lord Best, again establishing that the best is the enemy of the ludicrous when it comes to legislation, and their acceptance at the last gasp, it must be said, of my amendment seeking to ensure updating of the thresholds on a regular basis—although I wish that they had listened to the noble Lord, Lord Lansley, who had a better idea than mine, which was to tie the formula to RPI. It may be, given that they have a discretion, that they will take that stance. If they did, I would applaud them even more. In the circumstances, I am very happy to support the amendments that the Minister indicated and I will not press Motion H1.