UK - The government has defended letting councils use the proceeds from property sales to fund pension scheme deficits.
The Office of the Deputy Prime Minister said there were limits on the amount of capital receipts councils can use for this purpose.
Councils are obliged to set aside a portion of the proceeds of property sales for credit liabilities, payment of debt charges and interest.
The spokesman explained: “The authorities are free to use the remaining 25-50% – the ‘usable’ part of the receipt – for whatever capital purpose they wish.”
The spokesman added: “At present there is no requirement to invest from sales of council houses in further housing.”
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