Public Works Loan Board

Treasury written question – answered on 17th October 2019.

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Photo of Andrew Gwynne Andrew Gwynne Co-National Campaign Coordinator, Shadow Secretary of State for Communities and Local Government

To ask the Chancellor of the Exchequer, what assessment he has made of the effect the one per cent increase in the interest rate on new loans from the Public Works Loan Board will have on local authorities’ capital investment plans.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

In raising interest rates for new loans from the Public Works Loan Board, the Treasury assessed the potential impact on local government capital plans. This increase returned Public Works Loan Board rates to levels that were available in 2018.

The Government will continue to work with individual authorities on a case-by-case basis if they raise concerns over their finance position.

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