Former chancellor Philip Hammond has plunged back into the property industry, setting up a housing business with Sir Lynton Crosby.
Lord Hammond of Runnymede, as he is now styled, has teamed up with the former Conservative political strategist to lease homes to local authorities with a shortage of social housing.
Their firm, Municipal Partners, was established by Crosby last summer to “acquire, refurbish and lease residential property”. It has already held talks with Barking and Dagenham, which has 7,000 households on its waiting list.
Hammond will soon take on the role of chairman, Crosby said.
The firm is expected to target homes that had originally been sold off by councils under the Conservatives’ right-to-buy policy.
Sir Robin Wales, the former Labour mayor of Newham, has been made executive deputy chairman.
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