Former Tory Chancellor setting up for-profit social housing firm
A former Tory Chancellor is setting up a for-profit social housing firm with a former political strategist who masterminded Boris Johnson’s London mayoral victories.
Lord Hammond of Runnymede is working with Sir Lynton Crosby on a new enterprise, London-based Municipal Partners, which would lease homes to local authorities with a shortage of social housing.
Before he became an MP, Hammond started in the property business with the Wrexham-based Castlemead Group, of which he is a former director and in which he still has a controlling interest.
It is understood that he has held talks with local authorities in England, including Barking and Dagenham in east London, which has more than 7,000 households on its waiting list.
The company is expecting to buy former council homes that were sold off under the Conservatives’ right-to-buy scheme.
The new venture was established last summer by Crosby, 64, who told The Times, it had been set up as a “for-profit social impact business to acquire, refurbish and lease residential property” to local authorities.
“The business is at an early stage of development and is discussing potential projects with a number of local authorities.
“Former chancellor Philip Hammond has been supportive of our plan for the business and has been assisting us as we roll out our model.
“We hope to conclude arrangements for him to take on the role of chairman of the company shortly and play an active part in delivering our social objectives.”
It has previously been estimated that Philip Hammond has a net worth of £8 million.