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Local Government: Borrowing

Question for Treasury

UIN HL13391, tabled on 4 February 2019

To ask Her Majesty's Government what steps the Public Works Loan Board takes on an ongoing basis to monitor the commercial property investments acquired by local authorities and funded by the Public Works Loan Board.

Answered on

18 February 2019

The Ministry of Housing, Communities and Local Government (MHCLG) has stewardship of the local government sector in England. Together with the Chartered Institute of Public Finance and Accountancy (CIPFA), they maintain the statutory guidance on local authority borrowing and investment. In light of changes in local authority borrowing and investment patterns, CIPFA and MHCLG updated the prudential code and statutory guidance in 2018. In addition, local authorities must make appropriate arrangements for the appointment of an external auditor to give an opinion on their financial statements as well as arrangements for securing economy, efficiency and effectiveness in its use of resources. The Public Works Loans Board has no role in monitoring local authority activities.

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