Marley Miller
@marleygmiller.bsky.social
Associate Director, Politics and Public Policy, Global Counsel. Former economic advisor to Rachel Reeves and Treasury official. Posts mainly about housing, energy and economic policy
Full article here:
www.themj.co.uk/national-hou...
www.themj.co.uk/national-hou...
The National Housing Bank: Will it help councils build?
Despite the Government's ambitious pledge to build 1.5 million homes this Parliament, new development remains stalled. Just 145,000 homes were completed across England...
www.themj.co.uk
November 21, 2025 at 2:10 PM
Full article here:
www.themj.co.uk/national-hou...
www.themj.co.uk/national-hou...
5️⃣Be experimental. The government has ambitious New Town plans and faces stalled sites across the country.
If the NHB can invest in solutions to unlock these or new technologies like modular homes it could help bring down the need for temporary accommodation and costly hotels.
If the NHB can invest in solutions to unlock these or new technologies like modular homes it could help bring down the need for temporary accommodation and costly hotels.
November 21, 2025 at 2:10 PM
5️⃣Be experimental. The government has ambitious New Town plans and faces stalled sites across the country.
If the NHB can invest in solutions to unlock these or new technologies like modular homes it could help bring down the need for temporary accommodation and costly hotels.
If the NHB can invest in solutions to unlock these or new technologies like modular homes it could help bring down the need for temporary accommodation and costly hotels.
Marley MIller
4️⃣Expand low-cost loans. Housing associations are currently struggling with financial pressures.
To make borrowing cheaper for them and increase the affordability of homes, the govt should expand the amount of low-interest loans the NHB can offer (currently £2.5bn earmarked)
4️⃣Expand low-cost loans. Housing associations are currently struggling with financial pressures.
To make borrowing cheaper for them and increase the affordability of homes, the govt should expand the amount of low-interest loans the NHB can offer (currently £2.5bn earmarked)
November 21, 2025 at 2:10 PM
Marley MIller
4️⃣Expand low-cost loans. Housing associations are currently struggling with financial pressures.
To make borrowing cheaper for them and increase the affordability of homes, the govt should expand the amount of low-interest loans the NHB can offer (currently £2.5bn earmarked)
4️⃣Expand low-cost loans. Housing associations are currently struggling with financial pressures.
To make borrowing cheaper for them and increase the affordability of homes, the govt should expand the amount of low-interest loans the NHB can offer (currently £2.5bn earmarked)
3️⃣Unlock pension capital. Pension funds won’t be able to invest lots more in affordable housing unless they can meet their regulatory reqs
NHB guarantees should be designed to overcome these hurdles & give funds more certainty over rental income to unlock £bns of investment
NHB guarantees should be designed to overcome these hurdles & give funds more certainty over rental income to unlock £bns of investment
November 21, 2025 at 2:10 PM
3️⃣Unlock pension capital. Pension funds won’t be able to invest lots more in affordable housing unless they can meet their regulatory reqs
NHB guarantees should be designed to overcome these hurdles & give funds more certainty over rental income to unlock £bns of investment
NHB guarantees should be designed to overcome these hurdles & give funds more certainty over rental income to unlock £bns of investment
2️⃣Genuine funding flexibility. The Treasury must allow the NHB to have flexibility in how it allocates its £16bn.
Rigid rules have left housing funding unspent in the past. More flex is required to get money out the door quickly to where it’s needed.
Rigid rules have left housing funding unspent in the past. More flex is required to get money out the door quickly to where it’s needed.
November 21, 2025 at 2:10 PM
2️⃣Genuine funding flexibility. The Treasury must allow the NHB to have flexibility in how it allocates its £16bn.
Rigid rules have left housing funding unspent in the past. More flex is required to get money out the door quickly to where it’s needed.
Rigid rules have left housing funding unspent in the past. More flex is required to get money out the door quickly to where it’s needed.
1️⃣Lean into devolution. Govt promised to work with Mayors to agree an approach meets their needs. It has given London £322m & will do similar for Manchester
The govt should now focus on ensuring other city regions have the staff & expertise needed to support local projects
The govt should now focus on ensuring other city regions have the staff & expertise needed to support local projects
November 21, 2025 at 2:10 PM
1️⃣Lean into devolution. Govt promised to work with Mayors to agree an approach meets their needs. It has given London £322m & will do similar for Manchester
The govt should now focus on ensuring other city regions have the staff & expertise needed to support local projects
The govt should now focus on ensuring other city regions have the staff & expertise needed to support local projects
England built just 145k homes last year - less than half what’s needed for the 1.5m target.
But the government has earmarked £16bn for the NHB to deliver over 500k homes.
To deliver these homes, quickly, it should:
But the government has earmarked £16bn for the NHB to deliver over 500k homes.
To deliver these homes, quickly, it should:
November 21, 2025 at 2:10 PM
England built just 145k homes last year - less than half what’s needed for the 1.5m target.
But the government has earmarked £16bn for the NHB to deliver over 500k homes.
To deliver these homes, quickly, it should:
But the government has earmarked £16bn for the NHB to deliver over 500k homes.
To deliver these homes, quickly, it should:
See our full report here with Homes for the North
setting out why this model is needed and how it should be implemented:
www.global-counsel.com/insights/rep...
setting out why this model is needed and how it should be implemented:
www.global-counsel.com/insights/rep...
The case for public investment in affordable housing funds | Global Counsel
This paper was written by M
www.global-counsel.com
June 12, 2025 at 4:35 PM
See our full report here with Homes for the North
setting out why this model is needed and how it should be implemented:
www.global-counsel.com/insights/rep...
setting out why this model is needed and how it should be implemented:
www.global-counsel.com/insights/rep...
Full report available here:
www.global-counsel.com/insights/rep...
www.global-counsel.com/insights/rep...
The case for public investment in affordable housing funds | Global Counsel
This paper was written by M
www.global-counsel.com
May 23, 2025 at 12:07 PM
Full report available here:
www.global-counsel.com/insights/rep...
www.global-counsel.com/insights/rep...
This is not a replacement for grant funding.
The model works for affordable rent homes for those on middle incomes.
This means more money from programmes like the Affordable Homes can be targeted on social rent – increasing housebuilding and overall affordability (12/12)
The model works for affordable rent homes for those on middle incomes.
This means more money from programmes like the Affordable Homes can be targeted on social rent – increasing housebuilding and overall affordability (12/12)
May 23, 2025 at 12:07 PM
This is not a replacement for grant funding.
The model works for affordable rent homes for those on middle incomes.
This means more money from programmes like the Affordable Homes can be targeted on social rent – increasing housebuilding and overall affordability (12/12)
The model works for affordable rent homes for those on middle incomes.
This means more money from programmes like the Affordable Homes can be targeted on social rent – increasing housebuilding and overall affordability (12/12)
Greater Manchester has also recently established similar approach to invest in housing for key workers.
💡The opportunity now is for the govt to scale this up to a national approach to ramp up housebuilding (11/12)
💡The opportunity now is for the govt to scale this up to a national approach to ramp up housebuilding (11/12)
May 23, 2025 at 12:07 PM
Greater Manchester has also recently established similar approach to invest in housing for key workers.
💡The opportunity now is for the govt to scale this up to a national approach to ramp up housebuilding (11/12)
💡The opportunity now is for the govt to scale this up to a national approach to ramp up housebuilding (11/12)
This model has been used in Scotland
✅Every £1 govt invested has brought in £3-4 of private investment
✅1,200 homes will be built
✅Scot govt is expected to have loan paid back over 25yrs
✅Scottish National Investment Bank will make a positive return on investment (10/12)
✅Every £1 govt invested has brought in £3-4 of private investment
✅1,200 homes will be built
✅Scot govt is expected to have loan paid back over 25yrs
✅Scottish National Investment Bank will make a positive return on investment (10/12)
May 23, 2025 at 12:07 PM
This model has been used in Scotland
✅Every £1 govt invested has brought in £3-4 of private investment
✅1,200 homes will be built
✅Scot govt is expected to have loan paid back over 25yrs
✅Scottish National Investment Bank will make a positive return on investment (10/12)
✅Every £1 govt invested has brought in £3-4 of private investment
✅1,200 homes will be built
✅Scot govt is expected to have loan paid back over 25yrs
✅Scottish National Investment Bank will make a positive return on investment (10/12)
Under the fiscal rules, this kind of investment would be roughly FISCALLY NEUTRAL as the value of the projects would be counted as well as the cost.
The only cost would be on the discount offered on the loan vs HMT’s borrowing costs (9/12)
The only cost would be on the discount offered on the loan vs HMT’s borrowing costs (9/12)
May 23, 2025 at 12:07 PM
Under the fiscal rules, this kind of investment would be roughly FISCALLY NEUTRAL as the value of the projects would be counted as well as the cost.
The only cost would be on the discount offered on the loan vs HMT’s borrowing costs (9/12)
The only cost would be on the discount offered on the loan vs HMT’s borrowing costs (9/12)
To do this, Homes England should be given a “National Affordable Housing Bank” role:
With funding to invest in affordable housing funds if they can demonstrate they will deliver certain levels of affordable homes and can leverage wider private investment into projects (8/12)
With funding to invest in affordable housing funds if they can demonstrate they will deliver certain levels of affordable homes and can leverage wider private investment into projects (8/12)
May 23, 2025 at 12:07 PM
To do this, Homes England should be given a “National Affordable Housing Bank” role:
With funding to invest in affordable housing funds if they can demonstrate they will deliver certain levels of affordable homes and can leverage wider private investment into projects (8/12)
With funding to invest in affordable housing funds if they can demonstrate they will deliver certain levels of affordable homes and can leverage wider private investment into projects (8/12)
🪙The govt should use this change to invest in funds set up to deliver affordable housing at a low fiscal cost.
Using low-interest loans can turn market-rate rental housing into affordable rent.
Equity investment can attract private investment, incl from pension funds (7/12)
Using low-interest loans can turn market-rate rental housing into affordable rent.
Equity investment can attract private investment, incl from pension funds (7/12)
May 23, 2025 at 12:07 PM
🪙The govt should use this change to invest in funds set up to deliver affordable housing at a low fiscal cost.
Using low-interest loans can turn market-rate rental housing into affordable rent.
Equity investment can attract private investment, incl from pension funds (7/12)
Using low-interest loans can turn market-rate rental housing into affordable rent.
Equity investment can attract private investment, incl from pension funds (7/12)
However, at the Autumn Budget the government changed how it measures debt:
It now uses “Net Financial Debt” which considers the value of government financial investments as well as their cost (6/12)
It now uses “Net Financial Debt” which considers the value of government financial investments as well as their cost (6/12)
May 23, 2025 at 12:07 PM
However, at the Autumn Budget the government changed how it measures debt:
It now uses “Net Financial Debt” which considers the value of government financial investments as well as their cost (6/12)
It now uses “Net Financial Debt” which considers the value of government financial investments as well as their cost (6/12)
At the Spending Review the govt needs to consider how to target funding to boost housebuilding.
🤔BUT the Chancellor faces a particularly tough fiscal situation leaving limited room within the fiscal rules for the kind of investment needed using existing tools (5/12)
🤔BUT the Chancellor faces a particularly tough fiscal situation leaving limited room within the fiscal rules for the kind of investment needed using existing tools (5/12)
May 23, 2025 at 12:07 PM
At the Spending Review the govt needs to consider how to target funding to boost housebuilding.
🤔BUT the Chancellor faces a particularly tough fiscal situation leaving limited room within the fiscal rules for the kind of investment needed using existing tools (5/12)
🤔BUT the Chancellor faces a particularly tough fiscal situation leaving limited room within the fiscal rules for the kind of investment needed using existing tools (5/12)
The government’s planning reforms are a great start.
Higher housing targets will increase local authority ambition and the grey belt reforms will bring more land into the system.
Yet, the government is still forecast to fall short of its 1.5 million homes target (4/12)
Higher housing targets will increase local authority ambition and the grey belt reforms will bring more land into the system.
Yet, the government is still forecast to fall short of its 1.5 million homes target (4/12)
May 23, 2025 at 12:07 PM
The government’s planning reforms are a great start.
Higher housing targets will increase local authority ambition and the grey belt reforms will bring more land into the system.
Yet, the government is still forecast to fall short of its 1.5 million homes target (4/12)
Higher housing targets will increase local authority ambition and the grey belt reforms will bring more land into the system.
Yet, the government is still forecast to fall short of its 1.5 million homes target (4/12)
Housing associations face acute challenges.
High construction costs and new government safety/efficiency standards have required substantial investment in existing stock.
Many have had to halt their new build programmes, resulting in the largest fall in starts since 1978 (3/12)
High construction costs and new government safety/efficiency standards have required substantial investment in existing stock.
Many have had to halt their new build programmes, resulting in the largest fall in starts since 1978 (3/12)
May 23, 2025 at 12:07 PM
Housing associations face acute challenges.
High construction costs and new government safety/efficiency standards have required substantial investment in existing stock.
Many have had to halt their new build programmes, resulting in the largest fall in starts since 1978 (3/12)
High construction costs and new government safety/efficiency standards have required substantial investment in existing stock.
Many have had to halt their new build programmes, resulting in the largest fall in starts since 1978 (3/12)
Housebuilding rates are at the lowest levels since the pandemic, due to high interest rates and increased borrowing costs.
40% fewer projects were started last year than the year before – with a similar number now as after the financial crisis (2/12)
40% fewer projects were started last year than the year before – with a similar number now as after the financial crisis (2/12)
May 23, 2025 at 12:07 PM
Housebuilding rates are at the lowest levels since the pandemic, due to high interest rates and increased borrowing costs.
40% fewer projects were started last year than the year before – with a similar number now as after the financial crisis (2/12)
40% fewer projects were started last year than the year before – with a similar number now as after the financial crisis (2/12)