PWLB borrowing jumps in April
Local authorities borrowed £526m through the Public Works Loan Board in April, according to the latest figures. The total was a rise from the £333m taken out in March. The largest single loan was made to Eastleigh Borough Council, which took £50m at 2.31% over 50 years.
Labour local government plans leaked
A future Labour government would “consider” reintroducing a national pay structure for local government employees, according to a leaked draft version of its manifesto. If adopted, the document would also commit the party to giving members of the Local Government Pension Scheme full trustee status “to help control investments and reduce fees and charges”.
Segars to chair LGPS pool
Departing Pensions and Lifetime Savings Association chief executive Joanne Segars, is to join Local Government Pension Scheme pool, LGPS Central, as non-executive chair. Segars is leaving the association after 10 years at the helm and will help the pool fill senior roles. The pool is seeking two non-executive directors, a chief executive officer, a chief investment officer and a joint chief operating officer/chief financial officer.
Surrey announces underspend
Surrey County Council has announced a £6.7m underspend for 2016/17. However, the council, which earlier this year was embroiled in a row over a proposed council tax rise of 15%, fell short of its savings target of £82.9m. Leader David Hodge told the county council’s cabinet that the achieved savings had been made possible by avoiding further spending commitments, efficiencies and one-off measures.
IR35 changes ‘lead to higher contractor rates’
Public sector employers are increasing pay rates for contractors as a result of new IR35 tax rules, according to a report. Website Contractor UK said that one recruitment firm had reported that 16% of contractors had successfully raised their daily rates in the wake of the changes.