Pension fund in City Deal investment, Oxford solar loan, New LGA probe
0Pension fund to invest in City Deal
The government has approved a new City Deal for the Preston region. Partners Preston City Council, South Ribble Borough Council and Lancashire County Council, along with central government and the Homes and Communities Agency (HCA), will establish an infrastructure delivery programme worth £334m. In addition, Lancashire Pension Fund will invest £100m in a new infrastructure investment fund. The aim is to create 20,000 new jobs and more than 17,000 new homes
Oxford invests in solar enterprise
Oxford City Council has voted to loan £2.3m to a social enterprise to build solar panels for schools and businesses in Oxfordshire. The council says it will earn a rate of 5% on the loan, which will be a short term commercial basis. The solar operator, Low Carbon Hub (IPS) will repay the interest from share issues on individual projects.
LGA launches probe into non-metropolitan areas
The Local Government Association has launched an inquiry into the economic and social future of non-urban areas in England. The association says that non-metropolitan areas account for roughly half of England’s economy and population and contribute more to national output per head of population than cities outside London. It has appointed an independent commission chaired by Sir John Peace, chairman of Standard Chartered bank and Burberry.
Think tanks calls for greater LEP oversight
Think tank the Centre for Public Scrutiny has called for better governance arrangements for local enterprise partnerships to ensure funds are spent wisely. A report this week said that LEPs’ governance arrangements are not public-facing and that good intentions to strengthen governance had not translated into clear and consistent action. It said: “Without good governance, there is no way for those with an interest in economic development (councils, public sector partners, the private sector and others) to come together to agree who should work together to promote growth, or how this should happen.”
Regulator expresses qualified confidence in housing association sector
Financial stability in the social housing sector continues, although financial and housing market risks could increase in the medium term, according to the Homes and Communities Agency. The agency’s quarterly review of the sector reported that more than 90% of providers have sufficient debt facilities to last 12 months or more. However, it said that the level of affordable homes sales are more than 30% below the rate of completions, and said unsold properties could increase further.
