TfL rating, Liverpool/BT deal ends, Birmingham NEC sale, CIPFA apprenticeships, Capita property audit
0Fitch affirms Transport for London rating
Ratings agency Fitch has affirmed Transport for London’s long-term foreign and local currency issuer default ratings at ‘AA’ and its short-term foreign currency rating at ‘F1+. Outlooks on the long-term IDRs are stable, it added. The agency said TfL’s sovereign backing, and caps on its liabilities for the costs of the Crossrail project contributed to its view. It added that TfL has a balanced business plan and the ability to respond to pressures within by delaying capital expenditure, reducing operating costs or increasing fares.
CIPFA launches public sector finance apprenticeship
The Chartered Institute of Public Finance and Accountancy (CIPFA) has launched a one-year apprenticeship scheme in public financial management. The announcement, made during the UK’s national apprenticeship week, is designed to attract new employees to the profession and help employers cultivate talent. The national scheme is being launched after a successful pilot in the West Midlands, last year.
Liverpool ends BT outsourcing deal
Liverpool City Council has voted to end its IT outsourcing joint venture with BT after failing to agree on a reduced price for its services. Liverpool’s cabinet voted last week to buy out BT’s share of the Liverpool Direct Limited company. BT had offered to reduce its price by £5 million in each of the next two financial years, but the council wanted a larger reduction.
Birmingham to sell share of NEC Group
Birmingham City Council is selling its controlling shareholding in the NEC Group, owner of the city’s International Convention Centre and National Indoor Arena. The council said that it can no longer afford to invest in the facilities or lever in capital funding needed to run the NEC group. The facilities will be sold to a bidder which promises to retain the current functions of the facilities.
Capita audit boosts Plymouth coffers
Capita Local Government Services has completed a review for Plymouth City Council confirming that six per cent of 865 homes recorded as empty are now occupied. The audit means that the council is set to receive more than £300,000 of revenue through the new homes bonus scheme which rewards local authorities for empty homes brought back into use. The review was carried out on a payment-by-results basis to ensure the council did not have to source upfront investment.
Councils back social investment fund pilot
Northampton County Council and Northampton Borough Council have agreed to contribute funds to the country’s second Local Impact Fund pilot. The £6 million fund is being developed in partnership between Social Investment Business, the University of Northampton and social entrepreneur firm Unltd. It will run for 18 months from this Spring and support charities and social enterprises to help them deliver public sector contracts. The first LIF pilot launched in January in the North West.
