• Home
  • About
  • Subscribe
  • LATIF
  • Conferences
  • Dashboard
  • Edit My Profile
  • Log In
  • Logout
  • Register
  • Edit this post

Room 151

  • 151 BRIEF

    What's New?

  • WMCA signs £4bn investment agreement with L&G

    May 18, 2022

  • Bill will give UK Infrastructure Bank power to lend directly to councils

    May 18, 2022

  • £400bn pension group collaborates on climate transition initiative

    May 17, 2022

  • CIPFA rejects proposal for vote on publication of fraud hub report

    May 17, 2022

  • John Turnbull elected president of the SLT

    May 12, 2022

  • Pension pool identifies biodiversity as a priority

    May 11, 2022

  • Treasury
  • Technical
  • Funding
  • Resources
  • LGPS
  • Development
  • 151 News
  • Blogs
    • David Green
    • Agent 151
    • Dan Bates
    • Richard Harbord
    • Stephen Sheen
    • James Bevan
    • Steve Bishop
    • Cllr John Clancy
    • David Crum
    • Graham Liddell
    • Ian O’Donnell
    • Jackie Shute
  • Interviews
  • Briefs

News round-up: Infrastructure rate, Scottish LGPS, devolution spending, auditor concerns

0
  • by Colin Marrs
  • in 151 News
  • — 21 Dec, 2016

Scottish LGPS to consider pooling
A similar LGPS pooling process to the one currently underway in England and Wales is to be considered by the Scottish Local Government Pension Scheme Advisory Board (SAB). According to a report to the Strathclyde Pension Fund committee earlier this month, an options appraisal on the management structure of the scheme in Scotland will be produced in early 2017. The review will consider retaining the status quo, undertaking pooling or full mergers into one, two or three funds. The report said: “Following consideration of the options appraisal by the SAB, a consultation process will follow with all stakeholders before the SAB makes any recommendations to Scottish ministers.”

Government unveils more details of local infrastructure rate
Section 151 officers would be required to sign-off value for money assessments on projects applying for the government’s proposed new local infrastructure borrowing rate. Proposals to lend up to £1bn through the Public Loan Works Board at rates of gilts plus 60 basis points were announced during the Autumn Statement. A government consultation this week said that the loans would be available for projects in transport, energy, flood defences, water, waste and digital communications. A government statement said: “The government’s current proposal is that councils would be required to produce analysis and an estimate of net present value for the project, signed off by the section 151 officer, in line with Green Book appraisal guidance. Full details would be set out in due course, but this could include an estimate of net present value, a high level business case, a borrowing profile and a risk assessment.”

MPs seek clarity over devolution spending responsibility
Central government must clarify lines of responsibility for devolved funding, according to the Public Accounts Committee. In a new report, it said there was “considerable scope for tension between local government, required to deliver and maintain services within a devolved budget, and central government which provides funding. This could result in both institutions claiming that the other is responsible for any policy failure or misspending, and neither having full accountability and oversight.”

Scottish TUC slams ‘council cuts’
The Scottish TUC has voiced worries about the scale of cuts to local authority budgets announced by the Scottish government. Responding to the Scottish budget, STUC general secretary Grahame Smith said: “The STUC is deeply concerned at the impact of the £327m budget cut on local authority services and calls on the Scottish government to reverse the proposed cut as well as giving full freedom to councils to raise, and to be accountable for the raising of, the council tax as they deem necessary.” A spokesman for the Scottish government said that the cuts only totalled £182m but are compensated for by £180m in extra council tax income and £150m in capital spending.

Auditor reveals concern over council transformation
East Dunbartonshire Council has failed to address significant concerns raised in two previous assessments, according to a Scottish public spending watchdog. In a report this week, the Accounts Commission said that improvements have been made in financial management, but concerns remain that the council does not have adequate capability to deliver its transformation programme and make its planned £27.6m savings over the next three years. Accounts Commission chairman Douglas Sinclair said: “All councils face future funding gaps and are having to make radical changes in how services are provided. East Dunbartonshire needs to significantly up its game to deliver on its ambitions.”

Palestine activists bid to challenge LGPS regulations
Activist group the Palestine Solidarity Campaign (PSC) has launched a legal bid to overturn a ban preventing local government pension schemes from establishing investment policy that conflicts with UK foreign policy. The rules came into force from 1 November and PSC said it has lodged an application for a judicial review this week. A statement from the PSC said: “We know that limiting our right to run effective BDS [boycott, divestment and sanctions] campaigns is one of a number of ways the campaign for Palestine is being undermined. But we refuse to let this happen. We will not go silent.” PSC patrons include Baroness Jenny Tonge and Labour Party leader Jeremy Corbyn.

Get the Room151 Newsletter

Share

You may also like...

  • ‘Urgent consultation’ issued in response to continuing audit delays 13th May, 2022
  • LGPS funds seeking to divest from Russia 3rd Mar, 2022
  • Cornwall’s housing crisis: planning and tax reforms ‘urgently required’ 12th Apr, 2022
  • Jackie Weaver calls for more ‘hyper-localism’ to revitalise local government 9th Feb, 2022

Leave a Reply Cancel reply

You must be logged in to post a comment.

  • Register to become a Room151 user

  • Latest tweets

    Room151 11 hours ago

    Back to the future for the PWLB: The Public Works Loan Board is tightening its lending criteria to ensure that loans will be repaid by local government borrowers. But, asks Peter Findlay, shouldn’t they have been doing[...] dlvr.it/SQcmmm pic.twitter.com/bVv4fe0Xlv

    Room151 12 hours ago

    Great piece from Peter Findlay on the PWLB’s tightening of its lending criteria. He raises some pointed questions for the Treasury and explains why the ‘casino council’ characterisation was simplistic and inaccurate. #PWLB #localgov room151.co.uk/treasury/back-…

    Room151 12 hours ago

    The Queen's speech highlighted the need for accelerating UK infrastructure investment into levelling up projects and cutting emissions. @UKInfraBank #QueensSpeech #ClimateAction #emissions Click the link below to read 🔻🔻 room151.co.uk/brief/bill-wil… pic.twitter.com/hFmF2veVIa

    Room151 12 hours ago

    Huge funding heading to the @WestMids_CA from @landg. @andy4wm #LevellingUp #netzero #regeneration Click the link below to read 🔻🔻 room151.co.uk/brief/wmca-sig… pic.twitter.com/ajhZhia6mx

    Room151 17 hours ago

    LGPS governance, Cagney and Lacey style: What regulatory response can be expected following the publication of the Good Governance project’s Phase 3 report and the closure of the Single Code of Practice consultation? Susan Black offers[...] dlvr.it/SQbfXf pic.twitter.com/xwqHOEu2AP

    Room151 2 days ago

    More evidence of the importance of emerging markets in the journey to net-zero. @BordertoCoast @BrunelPP @northernlgps @EAPensionFund @WYPF_LGPS Click the link below to read 🔻🔻 #LGPS #NetZero #NetZeroCarbon #EmergingMarkets room151.co.uk/brief/400bn-pe… pic.twitter.com/qCm0EGxzLn

    Room151 6 days ago

    ‘Urgent consultation’ issued in response to continuing audit delays: CIPFA and the Local Authority Scotland Accounts Advisory Committee (LASAAC) have announced another “urgent consultation” to consider proposals to address the latest issue that has led… dlvr.it/SQJ0kV pic.twitter.com/s6vw0bnGXO

    Room151 7 days ago

    Bags of capacity – now to housing delivery: HRAs have been freed up and councils are starting to invest, but some remain cautious, writes Steve Partridge. He suggests that a minimum of £10bn of additional borrowing could be[...] dlvr.it/SQDvxk pic.twitter.com/yZmoWzHv6U

    Room151 7 days ago

    Bags of capacity – now to housing delivery room151.co.uk/treasury/bags-…

    Room151 1 week ago

    To Michael Gove: a modest proposal: Conrad Hall has written an open letter to the levelling up secretary suggesting an unusual (and tongue-in-cheek) proposal to help councils predict next year’s government grant. Dear Secretary of State,[...] dlvr.it/SQ9GpX pic.twitter.com/mSX1xgeL8a

    Room151 1 week ago

    Queen’s Speech: an ambitious plan hampered by omissions: Richard Harbord examines the impact of the government’s legislative proposals on councils, and concludes that local authorities expect and need more from central government. However you view the… dlvr.it/SQ8hmP pic.twitter.com/BsnziyNPIO

  • Categories

    • 151 News
    • Agent 151
    • Audit
    • Blogs
    • Business rates
    • Chris Buss
    • Cllr John Clancy
    • Council tax
    • Dan Bates
    • David Crum
    • David Green
    • Development
    • Education
    • Forum
    • Funding
    • Governance
    • Graham Liddell
    • Housing
    • Ian O'Donnell
    • Infrastructure
    • Interviews
    • Jackie Shute
    • James Bevan
    • Jobs
    • Levelling up
    • LGPS
    • Mark Finnegan
    • Net Zero
    • Private markets
    • Recent Posts
    • Regulation
    • Resources
    • Responsible investing
    • Richard Harbord
    • Risk management
    • Social care
    • Stephen Fitzgerald
    • Stephen Sheen
    • Steve Bishop
    • Technical
    • Transport
    • Treasury
    • Uncategorized
    • William Bourne
  • Archives

    • 2022
    • 2021
    • 2020
    • 2019
    • 2018
    • 2017
    • 2016
    • 2015
    • 2014
    • 2013
    • 2012
    • 2011
  • Previous story DCLG green lights £36bn Border to Coast LGPS pool
  • Next story Guy Ware: Social care funding a “postcode lottery”? Blame Tony Blair

© Copyright 2022 Room 151. Typegrid Theme by WPBandit.

0 shares