Published: 12th Mar 2020

The government has launched a consultation on the future of the Public Works Loan Board after some councils used it to buy ‘significant’ amounts of commercial property. Chancellor Rishi Sunak revealed during his first Budget speech yesterday (11 March) that the government is launching the consultation, which will run until 4 June on the PWLB, which provides long-term loans for local authorities and other public bodies to fund large projects. According to the consultation document, which is available on the Treasury website, the government is consulting on revising the terms of PWLB lending to ensure that local authorities continue to invest in housing, infrastructure, and public services. The consultation follows a report by the National Audit Office (NAO) in February, which showed councils in England have spent £6.6bn on supermarkets, office blocks and warehouses between 2016 and 2019. According to the NAO, this is 14.4 times more than councils spent … (To read the full article, subscribe below)