Tightening the purse strings: Local authorities and the Public Works Loan Board


The single percentage point hike in the Public Works Loan Board’s lending rate may still sound like a good deal but is causing headaches

This time last month, council housing bosses could have been forgiven for thinking that they had discovered the magic money tree. 

As local authorities, they have access to the Public Works Loan Board (PWLB), which enables councils to access the submarket interest rates available to the government. 

Even within the low interest rate environment, which has prevailed in the wake of the financial crisis, these rates remain highly attractive. 

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