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Public Works Loans Board lending limit

11 May 2022

Proposing MP
John Glen Con
Salisbury
Type
Written Ministerial Statement
Department
Treasury
View on Parliament.uk -->

At a Glance

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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