Llywydd, I agreed with a great deal of what the Member said, right up until her final conclusion. I agree with everything she said about the economic importance of housing associations, of the enormous amount of social good that they do, about the way in which they lever private investment—absolutely necessary private investment—into the development of new housing here in Wales. All of that I think is absolutely to be commended.

Stock transfer, however, is not a matter of a decision of the local authority. It is a matter of the decision of the local tenants—they have to vote on propositions. In Wales, some local authorities have put proposals to their tenants, who have decided to opt for stock transfer, and some have decided to remain with the local authority, because local authorities too do an enormous amount of economic good. Local authorities too have an enormous social impact, and local authorities increasingly in Wales are going to be the direct builders of new social housing for the future.

So, both options are there—they remain there in Wales. It is not a matter for the local authority to decide; it is where tenants feel that there is a more compelling proposition elsewhere, they are able to opt for it. When they choose to remain with the local authority, they will have made that decision too.