Commons Sense

House of Commons · Written Ministerial Statement

Public Works Loans Board lending limit

11 May 2022 · Treasury

Proposed by John Glen Con Salisbury

EconomyLocal GovernmentTaxation

Summarised by AI from the official record, so it can contain mistakes.

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At a glance

Key points

  • The Public Works Loan Board lending limit is proposed to increase from 95bn to 115bn.
  • This amendment is to be made under section 112 of the Finance Act 2020.
  • The increase will allow an additional 20bn in advances to local authorities in England, Scotland, and Wales.

Issue summary

The statement addresses an increase in the Public Works Loan Board (PWLB) lending limit.

Action requested

I am proposing to amend the National Loans Act 1968 under section 112 of the Finance Act 2020, increasing the PWLB lending limit from £95bn to £115bn. This will enable an additional £20bn in advances to local authorities across England, Scotland, and Wales.

Key facts

  • The Public Works Loan Board is a HM Treasury lending facility for local government.
  • The current PWLB lending limit is £95bn and it will be increased to £115bn.
  • An additional £20bn of advances will be made available to local authorities across England, Scotland, and Wales.
  • The previous increase from £85bn to £95bn occurred in October 2019.
  • Local authority lending has been heightened due to continued investment into capital programmes and service delivery through capital expenditure.
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