Lib Dem conference blog - Monday

17.43

More detail on the TIF scheme: the borrowing powers will mean local authorities can borrow against projected growth in their locally raised business rates. The Treasury will now work with local authorities to design a framework of rules in which the TIF will operate. It will also publish further details of the scheme in the spending review on 20 October.

During his speech, Clegg said: 'This may not make the pulses race, even at a Liberal Democrat conference. But I can assure you, it is the first step to breathing life back into our greatest cities.

'Our leaders in Sheffield say it could allow the redevelopment of derelict mines in the Don Valley; our leaders in Newcastle believe this could help them create a new science park; in Leeds they argue the Aire Valley could be transformed. But whether in Newcastle, in Sheffield, in Leeds or indeed in every city in the UK, what matters most is that finally they will be in the driving seat instead of waiting for a handout from Whitehall.'

17.38

Here's some reaction from the Labour camp. Liam Byrne, former chief secretary to the Treasury, said: 'Labour pioneered new borrowing freedoms for councils in our March budget. But all the freedom in the world, I'm afraid, won't make up for Tory budget cuts that are so fast and so deep that communities acrossour country will be scarred wth higher unemployment.

'Nor do they excuse the Lib Dems cheering on an economic plan that punishes the poorest in our society.

17.19

Just in case you're wondering, the deputy prime minister didn't mention social housing directly in his speech at all. The other mentions that the sector got that were of interest were that the green deal would make people's homes warm and affordable to heat, that welfare would be reformed to make work pay and that the cuts announced on 20 October will be fair.

17.05

Here are the key points from Clegg's speech, which has just finished.

• He told the party that this was the right government at the right time.
• He defended the pace of the spending cuts, saying it was not fair to ask your children to pay off your debts, and insisting that it would be better to clear them before the interest payments mount any further.
• He announced new borrowing powers for councils, who for the first time will be able to use tax increment financing (borrowing against future projected income) to fund development. No mention of housing in the examples he used, though.
• He claimed Labour's plans for welfare were unfair and did not work, which was why welfare reform to get people back into work was essential.

I'll be posting more details of the TIF announcement shortly.

16.18

Clegg is speaking now. More to follow.

15.43

After a little more debate, party members vote overwhelmingly in favour of the motion. The auditorium is now filling up in anticipation of Nick Clegg’s speech.

14.55

Lembit Opik is being rather amusing about losing his seat. He tells the audience that he has been stopped in the street by people who have asked: ‘Didn’t you use to be Lembit Opik?’ He also says the party should support non-taxpayer-funded nuclear power to stop the lights from going out in this country as demand for electricity increases.

14.48

There’s now a lot of debate on whether a carbon tax will hit poor people as well as large polluters. Liberal Youth have claimed it will hit the elderly and fuel poor.

14.45

‘We can send a message to the Treasury,’ says Mr Davies. ‘Hands off our environmental commitments.’ He also says that the party needs to learn from the lessons of ‘Yes, Minister’, which he says is a ‘training video’ for those in government.

14.42