Michael Gove has warned property developers to voluntarily stump up to replace dangerous cladding on flats still in place years after the Grenfell disaster or face punitive taxes to pay for the work.
The Housing Secretary has confirmed plans for a £4 billion fund to remove dangerous cladding from tower blocks in the wake of the deadly 2017 fire in west London.
The cash will help tens of thousands facing huge repair bills through no fault of their own.
On a broadcast round earlier this week, Mr Gove said it was time for those with 'the big bucks, the big profits' to act to remedy the fire safety risks.
Later, addressing MPs in the Commons he said firms that did not act would face 'commercial consequences' for their inaction while 'blameless' leaseholders have been 'shouldering a desperately unfair burden'.
The Communities Secretary told MPs: Those who knowingly put lives at risk should be held to account for their crimes, and those who are seeking to profit from the crisis by making it worse should be stopped from doing so. Today I am putting them on notice ... we are coming for you.'
Leaseholders in buildings between 11m (36ft) and 18m (59ft) tall will no longer have to take out loans to cover the costs of remediation work despite no new money coming from the Treasury.
Campaigners tentatively welcomed the plans as they trickled out over the weekend, but developers said they should not be the only ones responsible for the costs.
Mr Gove met with leaseholders groups today ahead of his statement in the House of Commons.
However, while the action was welcomed there was also criticism that it does not go far enough.
Reece Lipman, 32, who lives in a flat in Romford, east London, said: 'It feels like the Government keep trying to bail water off the Titanic with pots and pans and that's great, some people will be saved, but the ship is still going down and we haven't yet addressed that problem.'
The Housing Secretary confirmed plans for a £4 billion fund to remove dangerous cladding from tower blocks in the wake of the Grenfell fire
He added: 'I think it is very positive that we seem to, after four years of changing housing secretaries, that we seem to have a housing secretary who has got the rhetoric right and is now talking with a much firmer tone, which is very encouraging to see, and obviously any money to help with the crisis is going to be incredibly welcome.
'But I do think it's really important to state that even after all this time, the Government is still talking about just cladding, and it's not just a cladding crisis, it hasn't been just a cladding crisis for many years now.
'It is a full-blown building safety crisis.'
Labour warned that money earmarked for levelling-up schemes or housing projects could be 'raided' if talks fail to ensure developers stump up for fire safety improvements.
Shadow communities secretary Lisa Nandy highlighted a letter from Treasury minister Simon Clarke which she said cast doubt that a new tax on those responsible was the backstop.
Ms Nandy told the Commons: '(Michael Gove) was told 'you may use a high-level threat of tax or legal solutions in discussions with developers' ... 'but whether or not to impose or raise taxes remains a decision for me (the Chief Secretary) and is not a given at this point'.'
She added: 'It appears what he's told the public - that
