Councils are offered a discount on borrowing for housing
projects from the Public Works Loan Board (PWLB). In October, the Treasury
hiked the PWLB rate by one percentage point, with councils fearing a hit to
housing plans. But the Budget pitched PWLB as going back to its pre-October
rate. And the Treasury is also pitching plans to cut the PWLB interest rate for
all borrowing, but only after it has introduced measures to ban councils borrowing
to invest in commercial property. A wider consultation on changes to the PWLB
is underway, with Government saying that once a “workable system” is designed
and implemented, cuts to the interest on all new loans from the PWLB will come.
Read more on 24housing.
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