Dan Peters 05 October 2022

Thurrock to switch borrowing to PWLB

Thurrock to switch borrowing to PWLB image
Image: Jevanto Productions / Shutterstock.com

Thurrock BC will reduce its ‘over-reliance’ on borrowing from other councils by taking out £836m of loans from the Public Works Loan Board (PWLB).

The council has largely funded its capital programme and investment strategy through the inter-authority borrowing market since 2010, with other councils lending Thurrock hundreds of millions of pounds and generally charging less interest than the PWLB.

But last month the Government appointed Essex CC as Best Value inspector and commissioner overseeing Thurrock’s finance and governance functions.

A report to a meeting of Thurrock’s corporate overview and scrutiny committee tomorrow said the intervention ‘contracted’ the council’s access to the inter-authority market and ‘significantly increased the refinancing risk,’ leaving £836m of short-term funding to ‘meet forthcoming cash flow requirements’.

The Department for Levelling Up, Housing and Communities has now agreed to allow Thurrock to switch its borrowing from other local authorities to the PWLB over the next few months as an ‘urgent solution’ that will allow the council to meet its debt repayments.

Thurrock officers wrote: ‘Agreement of the process provides certainty over loan funding and enables certainty to be provided to existing counterparties in the sector over the security of their funds.’

SIGN UP
For your free daily news bulletin
Highways jobs

Family Support Worker

Durham County Council
Grade 6 £27,269 - £30,060 (Pay Award Pending)
Do you want to work in an ambitious Local Authority with strong leadership and partnership commitment to Children’s Services? Durham County Council a Durham
Recuriter: Durham County Council

SENDIASS Support Officer

Durham County Council
Grade 8 £31,586 - £35,235 (Pay Award Pending)
An exciting and rewarding opportunity has arisen within the busy and fast paced SEND Information, Advice, Support Service (SENDIASS). The service has Durham
Recuriter: Durham County Council

Residential Worker

Durham County Council
Grade 7 £29,093 - £32,654 (Pay Award Pending)
Salary
Recuriter: Durham County Council

Team Leader

Durham County Council
Grade 8 £31,586 - £35,235 (Pay Award Pending)
Salary
Recuriter: Durham County Council

Class Teacher

Durham County Council
£31,650- £33,483
Class Teacher MPS 1 -2   £31,650- £33,483 Temporary – required from Monday 1st September 2025 (subject to DBS) until 31st August 2026 25 hours per wee Durham
Recuriter: Durham County Council
Linkedin Banner