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To ask the Secretary of State for Housing, Communities and Local Government, what Public Works Loan Board borrowing has been given to the London Borough of Barnet since July 2024, and on what terms and purposes.
To ask the Secretary of State for Housing, Communities and Local Government, what Public Works Loan Board borrowing has been given to the London Borough of Barnet since July 2024, and on what terms and purposes.
Government does not publish individual local authority’s loans and interest rates, however, data on loans issued from the Public Works Loan Board is published at Historical Data. Further, authorities are required to report their financial position in their Annual Statement of Accounts. Local authorities also provide the government with data on their borrowing, including source of borrowing. The data can be found on gov.uk here Live tables on local government finance - GOV.UK.
Local authorities are responsible for setting their own capital strategies, as they are best placed to make local decisions that reflect the needs of their communities. In making those decisions, however, local authorities must comply with their legal duties and have regard to statutory guidance designed to ensure decisions are prudent, affordable, and sustainable. The Public Works Loan Board lending facility is a non-discretionary lender: it does not ask the purpose of a loan, as this would duplicate the decision-making structures of the individual local authorities.
To ask the Secretary of State for Housing, Communities and Local Government, what the latest available figure is for Housing Revenue Account debt owed to the Public Works Loans Board by local authorities, including (a) the collective figure for all local authorities and (b) the debt for individual local authorities.
To ask the Secretary of State for Housing, Communities and Local Government, what the latest available figure is for Housing Revenue Account debt owed to the Public Works Loans Board by local authorities, including (a) the collective figure for all local authorities and (b) the debt for individual local authorities.
The Government publishes data on loans issued by the Public Works Loan Board lending facility here Historical Data and here Current Data, which includes loans taken out under the Housing Revenue Account discounted interest rate in place since 15 June 2023. Total debt attributable to the Housing Revenue Account is submitted to Government by local authorities as part of capital data returns and published here Local authority capital expenditure, receipts and financing - GOV.UK. Local authorities also provide the Government with data on their borrowing, including source of borrowing. The data can be found on gov.uk Live tables on local government finance - GOV.UK.
To ask the Chancellor of the Exchequer, what assessment she has made of the potential merits of improving access to low-interest loans for councils delivering affordable homes via the Public Works Loan Board.
To ask the Chancellor of the Exchequer, what assessment she has made of the potential merits of improving access to low-interest loans for councils delivering affordable homes via the Public Works Loan Board.
To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the potential impact of increasing the Public Works Loan Board lending cap on local authority investment strategies.
To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the potential impact of increasing the Public Works Loan Board lending cap on local authority investment strategies.
The government increased the aggregate limit for Public Works Loan Board (PWLB) lending to £135 billion in November 2024. The increase in the limit has ensured that local authorities (LA) can continue to access loans to support their investment strategies in line with the PWLB lending guidance and the Prudential Framework for local government capital finance.
To ask His Majesty's Government whether they have had discussions with local authorities regarding the prospect of providing interest repayment holidays on loans issued to local authorities by the Public Works Loan Board.
To ask His Majesty's Government whether they have had discussions with local authorities regarding the prospect of providing interest repayment holidays on loans issued to local authorities by the Public Works Loan Board.
The Government engages regularly with local authorities on a range of issues and is committed to working in partnership with local authorities to deliver for their residents. The Public Works Loan Board lending facility provides cost-effective loans to local authorities and the terms of lending and requirements for interest repayments are set out in published guidance.
To ask the Chancellor of the Exchequer, whether she plans to review Public Works Loan Board rates offered to councils.
To ask the Chancellor of the Exchequer, whether she plans to review Public Works Loan Board rates offered to councils.
The PWLB lending facility exists to provide cost effective loans to local authorities to support investments and service delivery. HMT keeps all PWLB rates under review, including the discounted rate for investment in social housing which we extended in Autumn Budget to the end of 2025-26 to give LAs certainty with their capital plans for the year ahead.
Motion to consider. Agreed to on question.
Motion to consider. Agreed to on question.
To ask the Chancellor of the Exchequer, if she will increase the discounted Public Works Loan Board rate to local councils for investment in social housing.
To ask the Chancellor of the Exchequer, if she will increase the discounted Public Works Loan Board rate to local councils for investment in social housing.
The Public Works Loan Board (PWLB) lending facility exists to provide cost effective loans to local authorities to support investment and service delivery. HM Treasury keeps all PWLB rates under review, including the discounted rate for investment in social housing. The current discounted rate for Housing Revenue Account lending remains available until June 2025.
To ask the Secretary of State for Housing, Communities and Local Government, what assessment she has made of the potential merits of allowing Councils to borrow from the Public Works Loan Board at discounted rates in order to build homes for social rent.
To ask the Secretary of State for Housing, Communities and Local Government, what assessment she has made of the potential merits of allowing Councils to borrow from the Public Works Loan Board at discounted rates in order to build homes for social rent.
Local authorities already have access to a preferential rate from the Public Works Loans Board to support housebuilding in the Housing Revenue Account. The preferential rate of gilts +0.4% is available until June 2025. The Government is committed to supporting councils to build their capacity and invest in new social rented homes.
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential impact of reducing the onward interest charge of the Public Works Loan Board to local councils on (a) housing growth, (b) economic growth, (c) job creation and (d) local government viability.
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential impact of reducing the onward interest charge of the Public Works Loan Board to local councils on (a) housing growth, (b) economic growth, (c) job creation and (d) local government viability.
The PWLB lending facility exists to provide cost effective loans to local authorities to support investment and service delivery. HM Treasury keeps the interest rates of PWLB loans under review to ensure that PWLB lending remains supportive of prudent investment by local authorities, while meeting the requirement in the National Loans Act 1968 that HM Treasury does not lend at a loss. This includes keeping under review the discounted rate for investment in social housing through Housing Revenue Accounts that is currently available until June 2025.
To ask the Chancellor of the Exchequer, what recent estimate he has made of what the Public Works Loan Board (a) principal and (b) debt repayments for local authorities will be in the 2023-24 financial year.
To ask the Chancellor of the Exchequer, what recent estimate he has made of what the Public Works Loan Board (a) principal and (b) debt repayments for local authorities will be in the 2023-24 financial year.
The Office for Budget Responsibility publishes the official forecast for local authority borrowing and spending in their Economic and Fiscal Outlook, including future spending on principal and debt interest. The latest estimate in the March 2023 forecast is published here: https://obr.uk/efo/economic-and-fiscal-outlook-march-2023/.
To ask the Chancellor of the Exchequer, what the Public Works Loan Board (a) principal and (b) debt repayments were for local authorities in the (i) 2020-21, (ii) 2021-22 and (iii) 2022-23 financial year.
To ask the Chancellor of the Exchequer, what the Public Works Loan Board (a) principal and (b) debt repayments were for local authorities in the (i) 2020-21, (ii) 2021-22 and (iii) 2022-23 financial year.
Figures for principal and interest repayments to the Public Works Loan Board for the financial years 2020-21 to 2022-23 are published in their annual reports and accounts. Links to those reports can be found here: https://www.gov.uk/government/collections/public-work-loans-board-annual-report-and-accounts.
My Right Honourable friend the Secretary of State for Levelling Up, Housing and Communities and Minister for Intergovernmental Relations (The Rt Hon. Michael Gove MP) has made the following Written Ministerial Statement:
Levelling up the United Kingdom is at the heart of our ambition as a Government. The Chancellor has announced...
My Right Honourable friend the Secretary of State for Levelling Up, Housing and Communities and Minister for Intergovernmental Relations (The Rt Hon. Michael Gove MP) has made the following Written Ministerial Statement:
Levelling up the United Kingdom is at the heart of our ambition as a Government. The Chancellor has announced...
Levelling up the United Kingdom is at the heart of our ambition as a Government. The Chancellor has announced a package of measures in his Budget which put power and money in the hands of our cities, towns, counties, and rural and coastal areas. Through this package, we continue to...
Levelling up the United Kingdom is at the heart of our ambition as a Government. The Chancellor has announced a package of measures in his Budget which put power and money in the hands of our cities, towns, counties, and rural and coastal areas. Through this package, we continue to...
To ask the Secretary of State for Education, whether further education colleges are allowed access to borrowing from the Public Works Loan Board; and if he will make a statement.
To ask the Secretary of State for Education, whether further education colleges are allowed access to borrowing from the Public Works Loan Board; and if he will make a statement.
The Public Works Loan Board (PWLB) provides loans to local authorities, and other specified bodies, from the National Loans Fund, operating within a policy framework set by HM Treasury. This borrowing is for capital projects.
Colleges cannot borrow from PWLB as this is considered beyond the PWLB’s remit.
The department has designed a package of measures to enable colleges to continue to invest in their estates.
The department is taking a number of steps to assist the sector with funding, including providing colleges with additional capital grant allocations totalling £150 million. Individual college allocations were published in December and will be paid from April. The full list is on GOV.UK at: https://www.gov.uk/guidance/fe-capital-funding#additional-fe-capital-funding-for-the-2022-to-2023-financial-year.
The department is also bringing forward £300 million in payments from the 2023/2024 financial year into the 2022/2023 financial year to cover the shortfall that providers experience in February and March 2023. This means making additional payments to institutions in February and March.
The Department’s officials are working on options to support the delivery of capital projects by the sector. One of these options is a possible department-backed loans scheme for colleges that were intending to borrow commercially in order to fund a capital project.