IRRV Alert - week ending 13th May 2022
Information Letters
News
Consultations
Local government capital investment and borrowing: proposed measures to address risk (12 May 2022)
Policy paper
Local government capital investment and borrowing: proposed measures to address risk
Legislative measures to address excessive risk arising from local authority investment and borrowing, while supporting local freedoms for much needed investment
- From:
- Department for Levelling Up, Housing and Communities
- Published
- 12 May 2022
Applies to England
Documents
Local government capital investment and borrowing: proposed measures to address risk
HTML
Details
The government introduced a Bill on Levelling up and regeneration, which includes new provisions on council borrowing to protect taxpayers’ money while enabling local areas to make much needed investment.
New and deeper devolution deals will empower local leaders to grow their local economies and improve public services. It is, therefore, more important than ever that the capital system is robust and effective at protecting taxpayers’ money while supporting local freedoms to make much needed investment. Government must make sure it has the appropriate powers to directly address instances of highly risky practices. We are, therefore, announcing the government’s intention to expand its statutory powers to directly tackle excessive risk within the local government capital system.
This allows local authorities to do the capital investment needed, in a way that is financially sustainable both now and in the future.
Published 12 May 2022