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Prudential Borrowing Scheme

Treasury written question – answered on 16th January 2007.

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Photo of John Hayes John Hayes Shadow Minister (14-19 Reform and Apprenticeships)

To ask the Chancellor of the Exchequer how much has been borrowed by each Department under his Prudential Borrowing Scheme; what the annual rate of interest is; and if he will make a statement.

Photo of Stephen Timms Stephen Timms The Chief Secretary to the Treasury

The Prudential Borrowing regime that came into effect on 1 April 2004 introduced greater freedom for individual local authorities to borrow for capital investment. Local authorities are now free to borrow for capital purposes subject to that borrowing being assessed against local prudential indicators that determine affordable and sustainable levels of debt. The Prudential Borrowing regime does not enable departments to undertake borrowing.

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