MPs reach deal to hand back housing profits

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MPs have agreed to hand back hundreds of thousands of pounds worth of profits from taxpayer-funded homes.

The Independent Parliamentary Standards Authority (Ipsa) will today publish details of repayment deals with 70 politicians.

The watchdog moved to ban the use of Commons expenses to pay mortgage interest in May 2010, in the wake of public fury over “flipping” and other abuses.

Ipsa is expected to release details of how much each politician owes, and how they will return the money.

The total is believed to run into hundreds of thousands of pounds, as property prices in central London rose after the election.