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1054337

	registered interest
	date	04/02/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Local Government: Borrowing
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what steps the Public Works Loan Board takes on an ongoing basis to monitor the commercial property investments acquired by local authorities and funded by the Public Works Loan Board.
	tabling member printed	Lord Hollick
	uin	HL13391
	answer	answer is ministerial correction date of answer 18/02/2019 answer text The Ministry of Housing, Communities and Local Government (MHCLG) has stewardship of the local government sector in England. Together with the Chartered Institute of Public Finance and Accountancy (CIPFA), they maintain the statutory guidance on local authority borrowing and investment. In light of changes in local authority borrowing and investment patterns, CIPFA and MHCLG updated the prudential code and statutory guidance in 2018. In addition, local authorities must make appropriate arrangements for the appointment of an external auditor to give an opinion on their financial statements as well as arrangements for securing economy, efficiency and effectiveness in its use of resources. The Public Works Loans Board has no role in monitoring local authority activities. answering member printed Lord Bates question first answered 18/02/2019 13:39:59 answering member 1091 label Biography information for Lord Bates
	tabling member	2732 label Biography information for Lord Hollick

1054333

	registered interest
	date	04/02/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Local Government: Borrowing
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what criteria are applied by the Public Works Loan Board when a local authority seeks to borrow to acquire commercial property for investment purposes.
	tabling member printed	Lord Hollick
	uin	HL13388
	answer	answer is ministerial correction date of answer 18/02/2019 answer text Responsibility for local authority spending and borrowing decisions lies with locally-elected council Members, who are democratically accountable to their electorates. Local authorities are required to have regard to the Prudential Code and statutory guidance when they borrow from the PWLB or from any other lender, these are published by The Chartered Institute of Public Finance and Accountancy and the Ministry of Housing, Communities and Local Government and form the Prudential Framework. The main objective of the Prudential Framework is to ensure that the capital investment plans of local authorities are affordable, prudent and sustainable. Before it can advance a loan to a local authority, the Public Works Loan Board requires formal assurance from the authority that the loan is within their borrowing powers and the relevant legislation. answering member printed Lord Bates question first answered 18/02/2019 13:37:54 answering member 1091 label Biography information for Lord Bates
	tabling member	2732 label Biography information for Lord Hollick

1054334

	registered interest
	date	04/02/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Local Government: Borrowing
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what is the extent and nature of the due diligence undertaken by the Public Works Loan Board before extending loans to local authorities to acquire commercial property for investment purposes.
	tabling member printed	Lord Hollick
	uin	HL13389
	answer	answer is ministerial correction date of answer 18/02/2019 answer text Responsibility for local authority spending and borrowing decisions lies with locally-elected council Members, who are democratically accountable to their electorates. Local authorities are required to have regard to the Prudential Code and statutory guidance when they borrow from the PWLB or from any other lender, these are published by The Chartered Institute of Public Finance and Accountancy and the Ministry of Housing, Communities and Local Government and form the Prudential Framework. The main objective of the Prudential Framework is to ensure that the capital investment plans of local authorities are affordable, prudent and sustainable. Before it can advance a loan to a local authority, the Public Works Loan Board requires formal assurance from the authority that the loan is within their borrowing powers and the relevant legislation. answering member printed Lord Bates question first answered 18/02/2019 13:42:52 answering member 1091 label Biography information for Lord Bates
	tabling member	2732 label Biography information for Lord Hollick

1054335

	registered interest
	date	04/02/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Local Government: Borrowing
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether there is an limit on loans which can be extended by the Public Works Loan Board to a local authority (1) in any one year, and (2) overall.
	tabling member printed	Lord Hollick
	uin	HL13390
	answer	answer is ministerial correction date of answer 18/02/2019 answer text <p>The aggregate amount that may be outstanding in respect of commitments entered into by the Public Works Loan Board is limited, and this limit set out in section 4 (1) of the 1968 National Loans Act. Since December 2017, the limit has stood at £85 billion. There is no separate limit about lending amounts in any one year.</p><p> </p><p>Local authorities are responsible for determining their own limits on the aggregate amount of borrowing that they may have outstanding. The statutory guidance on borrowing and investment was updated in 2018; the updated guidance introduced a new requirement for all English local authorities to set limits for gross debt compared to net service expenditure. Authorities which exceeded their self-assessed limits should, in accordance with the guidance, refrain from making further investments other than short term investments required for efficient treasury management.</p> answering member printed Lord Bates question first answered 18/02/2019 13:41:21 answering member 1091 label Biography information for Lord Bates
	tabling member	2732 label Biography information for Lord Hollick

1054339

	registered interest
	date	04/02/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Local Government: Borrowing
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government which ten local authorities borrowed the most from the Public Works Loan Board for investment in commercial properties in each of the financial years since and including 2014–15.
	tabling member printed	Lord Hollick
	uin	HL13393
	answer	answer is ministerial correction date of answer 18/02/2019 answer text <p>The Public Works Loans Board has no role in monitoring local authority activities. Under the prudential regime, decisions on borrowing are devolved to local authorities who are democratically accountable to their electorates. Information about the purpose of PWLB loans is not centrally held.” The Ministry of Housing, Communities and Local Government (MHCLG) has stewardship of the local government sector in England. Together with the Chartered Institute of Public Finance and Accountancy (CIPFA), they maintain the statutory guidance on local authority borrowing and investment. In light of changes in local authority borrowing and investment patterns, CIPFA and MHCLG updated the prudential code and statutory guidance in 2018.</p> answering member printed Lord Bates question first answered 18/02/2019 13:39:19 answering member 1091 label Biography information for Lord Bates
	tabling member	2732 label Biography information for Lord Hollick