Public Works Loan Board
The question
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential impact of reducing the onward interest charge of the Public Works Loan Board to local councils on (a) housing growth, (b) economic growth, (c) job creation and (d) local government viability.
Answered by Darren Jones
The PWLB lending facility exists to provide cost effective loans to local authorities to support investment and service delivery. HM Treasury keeps the interest rates of PWLB loans under review to ensure that PWLB lending remains supportive of prudent investment by local authorities, while meeting the requirement in the National Loans Act 1968 that HM Treasury does not lend at a loss. This includes keeping under review the discounted rate for investment in social housing through Housing Revenue Accounts that is currently available until June 2025.
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