Member

The other example is housing associations, which were previously in the private sector with the ability to borrow without it affecting the PSBR. In 2016, the ONS reclassified housing associations from private non-financial corporations to public non-financial corporations. This change was decided following legislative and regulatory changes brought about by the Housing and Regeneration Act 2008. The Government then had to legislate through the Regulation of Social Housing (Influence of Local Authorities) (England) Regulations 2017 to get them reclassified. The Explanatory Memorandum for that SI explicitly stated that the regulations were