Belfast arts investment, Cheltenham empty homes initiative, Lincolnshire collects on waste, Buy-to-let U-turn, MMF ratings

Belfast invests in the arts
Belfast City Council is bucking the trend and increasing spending on the arts by 27%. The council says the increased funding will help support more than 400 jobs and 4000 arts workers. It forms part of Belfast’s Cultural Framework plan which aims to increase visitor numbers by 10% and generate £8 in income for every £1 invested.

Cheltenham turns £30,000 into £276,000 with New Homes Bonus
Cheltenham Borough Council is cracking down on empty homes with a strengthened enforcement team. Investing in staff over three years will, it is hoped, bring a further 23 homes back into use each year, with each qualifying for £12,000 in New Homes Bonus over six years. There are more than 340 privately owned homes which have been left long term empty. The most problematic landlords will be threatened with enforced sale of compulsory purchase.

Lincolnshire district collects on waste
North Kesteven District Council is to collect £500,000 extra a year through the implementation of a £25-a-year charge for garden waste collections. As part of its budgeted £630,000 savings plan for 2013/14 the council will also share some services with neighbouring districts.

MMF ratings unaffected by structural changes – Moody’s
Structural changes made by money market funds to counteract negative yields are credit neutral, according to Moody’s Investors Service. Several MMFs have changed structure to allow them to operate as constant net asset value funds during periods of very low or negative interest rates. Moody’s views the changes as credit neutral because: the funds have not breached promises on principal preservation and provision of liquidity; they sought approval for changes; and investment strategy and portfolio composition has not changed as a result of the new structure.

Nationwide reverses buy-to-let decision
Nationwide has reversed a decision, made last Wednesday, to stop lending to buy to let landlords with local housing authority tenants. The withdrawal from the market was believed to be a reaction to fears about the impact of welfare reforms including the introduction of universal credit and direct payment of benefits to tenants. A Nationwide director said that the buy to let sector was “very important” to the company.