CIPFA responds to Chief Secretarys announcement on Public Works Loan Board interest

19-09-2011

The Chartered Institute of Public Finance and Accountancy (CIPFA) has welcomed Chief Secretary to the Treasury Danny Alexander’s announcement that the Government will reduce the interest rate offered to local authorities by the Public Work Loans Board.

In a speech to the Liberal Democrat Party Conference yesterday (18 September), Mr Alexander suggested that the reduction in the interest rate would support local growth and result in an additional £100m a year for councils to invest in housing.

Ian Carruthers, Policy and Technical Director at CIPFA, commented,

“Before last autumn’s surprise rate rise, most local authorities would have looked to the PWLB for the £13bn needed to implement housing finance reform. This reduction gives councils additional resources to address the housing crisis.”

ENDS

Contact: Lindsay Machin / Tim Windle
CIPFA Press Office
t 020 7543 5645/5787
e lindsay.machin@cipfa.org.uk/ tim.windle@cipfa.org.uk

About CIPFA

CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. Our 14,000 members work throughout the public services, in national audit agencies, in major accountancy firms, and in other bodies where public money needs to be effectively and efficiently managed. As the world’s only professional accountancy body to specialise in public services, CIPFA’s portfolio of qualifications are the foundation for a career in public finance. They include the benchmark professional qualification for public sector accountants as well as a postgraduate diploma for people already working in leadership positions. They are taught by our in-house CIPFA Education and Training Centre as well as other places of learning around the world. We also champion high performance in public services, translating our experience and insight into clear advice and practical services. They include information and guidance, courses and conferences, property and asset management solutions, consultancy and interim people for a range of public sector clients. Globally, CIPFA shows the way in public finance by standing up for sound public financial management and good governance. We work with donors, partner governments, accountancy bodies and the public sector around the world to advance public finance and support better public services. This includes the development of local professional qualifications in African countries like Lesotho and Nigeria and in Europe in post conflict states in the Balkans.