Mark Conrad Dan Peters 27 November 2023

Councils welcome PWLB rate extension

Councils welcome PWLB rate extension image
Image: Gints Ivuskans / Shutterstock.com.

Councils have welcomed chancellor Jeremy Hunt’s decision to extend preferential Public Works Loan Board borrowing rates for Housing Revenue Account (HRA) expenditure.

The Government said HRA rates would be 0.4% above gilts rather than the standard 0.8% figure until June 2025 – an extension of a year.

Treasury documents indicated the extension would be worth just £5m, but the Government’s analysis added: ‘This supports local authorities borrowing for HRAs, and could provide savings and additional investment in social housing of as much as £150m over the life of the borrowing.’

It comes after senior DLUHC officials lobbied the Treasury to get PWLB rates down after recognising that it was impacting council housebuilding.

The Local Government Association said the extension would provide ‘much-needed additional support for vital council housebuilding projects’.

This article was originally published by The MJ (£).

SIGN UP
For your free daily news bulletin
Highways jobs

Head of Housing

North West Leicestershire District Council
£64,241 to £74,525 (plus car allowance)
We are currently seeking a new Head of Housing to lead a number of key service areas Leicestershire
Recuriter: North West Leicestershire District Council

Director of People

Bolton Cares
£80,287 – subject to skills and experience
Bolton Cares is on an exciting journey of transformation and growth and we’re looking for a dynamic, people-focused leader to help shape our future. Bolton, Greater Manchester
Recuriter: Bolton Cares

Director of Finance (Strategy) – deputy S151

Nottingham City Council
up to £125k
Nottingham is a bold, vibrant, and exciting Core City at the heart of the UK, alive with potential and ambition. Nottingham, Nottinghamshire
Recuriter: Nottingham City Council

Adult Learning Tutor Maths WMF2142e

Westmorland and Furness Council
£35,235.00 - £36,124.00 (pro rata)
We are looking for an inspirational tutor to deliver maths courses to our learners across Carlisle. Carlisle, Cumbria
Recuriter: Westmorland and Furness Council

Adult Learning Tutor ESOL English WMF2144e

Westmorland and Furness Council
£35,235 - £36,124 (pro rata)
We are looking for an enthusiastic and self-motivated individual with experience of teaching ESOL. Whitehaven, Cumbria
Recuriter: Westmorland and Furness Council
Linkedin Banner