Photo: ShutterstockNew guidance from CIPFA has been hotly debated. Scott Dorling offers a lawyer’s guide through the new Prudential Code.
The revised CIPFA Prudential Code for Capital Finance in Local Authorities was issued on 20 December 2021. It has provided clarity on a number of matters, and assuages concerns about the potential forced sale of local authority commercial investment properties.
Section 2 of The Local Authorities (Capital Finance and Accounting) (England) Regulations 2003 requires local authorities to have regard to the Prudential Code when complying with the duty under section 3 of the Local Government Act 2003—the duty to keep under review how much it can afford to borrow.
For many years the code
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