LGA responds to PWLB rate rise

“This 1 per cent PWLB rate increase could cost councils an extra £70 million a year for borrowing to be undertaken in the next year."


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Responding to the 1 per cent interest rate rise announced by the Public Works Loans Board, a spokesperson for the Local Government Association said:

“This 1 per cent PWLB rate increase could cost councils an extra £70 million a year for borrowing to be undertaken in the next year. 

“It presents a real risk that capital schemes, including vital council house building projects, will cease to be affordable and may have to be cancelled as a result.”