Before Glasgow's council housing stock was transferred to the Glasgow Housing Association in 2003, the cost of servicing the debt incurred to build the houses was so high that the council could not afford essential repairs and much-needed improvements. Transfer to a not-for-profit housing association, allowed new borrowing of £1000m and the promise of modernising the stock over 10 years. When the Treasury, under the Chancellorship of Gordon Brown, undertook to write off the city council's £800m housing debt, it was not only the local authority that benefited; so did the Scottish Executive, which would have had to undertake the repayments.
Before Glasgow's council housing stock was transferred to the Glasgow Housing Association in 2003, the cost of servicing the debt incurred to build the houses was so high that the council could not afford essential repairs and much-needed improvements.
