Northants beats the Treasury on PWLB borrowing
0Northamptonshire County Council secured “very timely” borrowing from the Public Works Loans Board.
The council revealed this week in its latest treasury management report that in August it had secured £110m for up to 50 years with principal repayable on maturity at an average of rate of 1.68%.
It also secured £10m over 6.5 years with principal repayable on maturity at a rate of 1.12%.
The deals were done before the government raised the PWLB interest rate. The loans will replace the majority of the council’s existing short-term loans from other Local Authorities.
The report said: “Had the council delayed securing these long-term loans, the savings to be realised within the 2020/21 Budget and Medium Term Financial Plan beyond would not have been achievable and therefore this borrowing has proved very timely.”
