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The government will spend almost £6bn buying back thousands of military homes into public ownership.
The Ministry of Defence (MoD) will buy back 36,347 homes from property firm Annington in a reversal of the 1996 privatisation process.
The deal will end the £230m annual rental cost of the homes, ministers and officials said.
Defence Secretary John Healey described the “dreadful deal” to privatise the service family estate as a “fire sale” by the Conservatives in the run-up to the 1997 general election.
“Today ends one of the worst-ever government deals,” he said.
Mr Healey warned problems with military accommodation “will not be fixed overnight” but called the move a “decisive break with the failed approach of the past and a major step forward on that journey”.
He said: “This is a once in a generation opportunity, not only to fix the dire state of military housing but to help drive forward our economic growth mission, creating jobs and boosting British housebuilding.
“Our armed forces and their families make extraordinary sacrifices: theirs is the ultimate public service.
“It is shameful that in the lead up to Christmas, too many military families will be living with damp, mould and sub-standard homes – issues which have built up over the past decade.
“We are determined to turn this around and renew the nation’s contract with those who serve.
“These important savings to the defence budget will help fix the deep-set problems we inherited.”
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The service family estate was sold in 1996 and is now valued at £10.1bn when not subject to leases. It is being…
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