News Roundup: Lancs’ asset allocation, business rate abolition, JV for Middlesborough, housing’s knowledge gap
0Lancashire boost strategic asset allocation with new managers
The Lancashire County Pension Fund has appointed a clutch of managers to oversee significant changes to its strategic asset allocation. The scheme has appointed BlackRock Advisors, Citigroup, Goldman Sachs, Legal & General Investment Management, Macquarie Capital, Nomura, Northern Trust and Russell Implementation Services to a framework. The fund will conduct a lowest price mini-competition exercise between providers whenever it requires transition management services.
Discussion paper raises abolition of business rates
The government could abolish business rates completely and replace them with a new form of commercial property tax. Ministers this week launched a discussion paper and consultation on reform of the reform of the current system. It said: “The government wants to ensure it considers fully the case for and against keeping business rates as a property tax and welcomes a discussion on evidence-based support for alternative tax bases.”
New resources on the menu for local transformation
The government is considering providing more resources to help encourage public sector transformation, it said this week. In its response to a report published in November by the Public Sector Transformation Network, it said: “We are exploring whether additional capability is required locally and nationally to ensure that evidence of what works is used more effectively by local decision makers, commissioners and service providers.” It also said more transparent mechanisms were needed to ensure local accountability for public spending.
JV underway for Middlesborough to outsource services
Middlesbrough Council has voted to produce detailed business cases for the outsourcing of 18 services with a current budget value of £21.1m. Members have agreed to explore a proposal that services could become run by a joint venture with supplier Norse Commercial Services. The council is aiming to save £3.6m on its environment budget.
New institute to bridge housing knowledge gap for local authorities
The government has announced that it is to implement the recommendation of its review of housing supply by creating a Housing Finance Institute. The new body will “address the skills and knowledge gap in delivering local authority housing” and provide support in managing private sector joint ventures or developing capacity in land assembly or investment vehicles, it said in a statement. The exact remit will be announced at a future date.
More clarity needed from officers, says Audit Scotland
Council officers need to be clearer in their reports to councillors, according to a local government spending watchdog. Audit Scotland said in a report that councils are following the principles of the relevant codes of practice in demonstrating short term affordability, but they are not always highlighting the strategic importance of borrowing and treasury management or providing evidence of long-term affordability and sustainability. Scrutiny needs to be improved through better training for councillors, cutting out jargon to make reports clearer, and ensuring governance arrangements are solid, it said.
