News Roundup: Essex £100m infra mandate…
0Essex Pension Fund seeks manager
Essex Pension Fund is looking for a manager to run a £100m infrastructure mandate. It has published a tender which says that it will allocate 2% of its total assets to an unlisted vehicle for UK, European and global assets. The council is being advised by Hymans Robertson and says it could split the mandate between two managers.
Birmingham inks housing deal with Chinese investors
Birmingham City Council has signed a £55m deal with Chinese and Hong Kong investors to fund a new housing development. The Cedar House scheme will see a former data centre turned into 214 apartments in the city’s Ladywood district. Council leader John Clancy said the agreement was proof Birmingham could attract global investors.
Government rows back on Pay to Stay
The government has scrapped its proposal to force councils and housing associations to charge some residents market rates. The controversial Pay to Stay scheme would have seen households with a total annual income of £30,000 (£40,000 in London) to pay more for their social housing. Responding to the move to make the scheme volunatary, Sir Steve Bullock, London Councils’ executive member for housing, said: “Pay To Stay would have impacted heavily on boroughs’ ability to maintain mixed communities if people were forced to move as a result of the increase in their rent. Scrapping these proposals mean boroughs will be able to direct resources towards meeting housing need rather than implementing an admin-heavy new scheme.”
Business rates pot on the rise
Business rates income for local authorities during 2015/16 was up 3% on the previous year, according to government figures. The data showed that the total received was £22.4bn, up £804m from 2014/15. The amount takes into account income from business rates after all reliefs, accounting adjustments and sums retained outside the rates retention scheme are taken into consideration.
Counties complain about growth funding
The County Councils Network has claimed that the government’s devolution policy is unfair on non-metropolitan areas. The body, which represents 37 authorities, said that the government’s distribution of its Local Growth Fund is “arbitrary”.
