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Bank notes, Photo: PixabayBorrowing from the Public Works Loan Board hit another recent record high in August, with councils taking £1.983bn in loans.
The figure pips March’s figure of £1.93bn, a spree fuelled by councils swapping short term debt for longer term borrowing due to the low rates on offer.
August’s total is largest amount borrowed in a single month since March 2012, when councils took more than £12bn in advance of the introduction of the housing revenue account self-financing system.
The bumper month of PWLB activity pushes the statutory body’s liabilities even closer to the current cap of £85bn.
In July, Room151 reported that figures in the PWLB’s 2018/19 accounts showed liabilities of £78.34
...Northamptonshire County Council has borrowed £110m from the Public Works Loan Board to replace short-term borrowing.
Shropshire Council says last week’s Spending Review has rescued it from exhausting its reserves this year.
The government is to consider changes to the prudential framework covering local authority finances to prevent a repeat of the controversy over Peterborough City Council’s use of capital receipts.
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