CIPFA welcomes low borrowing rate for councils

21-03-2012

CIPFA’s Lead for Local Government, Alison Scott, has welcomed the recognition in the Budget of the importance of prudential borrowing by councils to boost local economies. 

The Budget announced a 20 basis points discount on loans from the Public Works Loan Board (PWLB). The discounted borrowing will be available to councils providing additional information on their borrowing requirements.

The government is also considering the potential for an independent body to facilitate the provision of PWLB lending at a further reduced rate to authorities demonstrating best quality and value for money

Alison Scott said,

“Councils are vital to the success of their local areas and access to reduced PWLB rates will help them to maintain crucial investment where it’s needed most.

“We look forward to working with the Treasury to ensure that this additional information provided by councils supports the continued success of the Prudential Code.”

 

ENDS

Contact: Tim Windle

CIPFA Press Office

t 0207 543 5787

e 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.