Peter Lilley: Does my right hon. Friend agree that most of our social problems are either caused or aggravated by the acute shortage of housing, so even if we manage to reduce the net immigration to this country, as I hope we will, we will have to build far more new homes? Is not the recommendation by the European Banking Authority to increase by 50% the reserves that banks must hold against house building, which makes it even more costly for them to lend for housing than for unsecured credit cards, profoundly unhelpful and perverse?
Theresa May: I am sure my right hon. Friend will recognise that we are subject to our own Prudential Regulation Authority, but the overall point that he makes about the importance of house building is absolutely correct. We do need to build more homes. That is something that the Government have been doing. We have seen something like 900,000 new homes being built since 2010, but there is more for us to do, and that is what this Government are working on.