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818611

registered interest
date	08/01/2018
answering body	Department for Communities and Local Government
answering dept id	7
answering dept short name	Communities and Local Government
answering dept sort name	Communities and Local Government
hansard heading	Local Government: Borrowing
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government why local authorities can borrow from the Public Works Loan Board to buy commercial property but not to fund the construction of social housing.
tabling member printed	Lord Myners
uin	HL4488
answer	answer is ministerial correction date of answer 16/01/2018 answer text <p>Under the Local Government Act 2003, local authorities have the freedom to borrow and invest, without government consent, provided that their borrowing is affordable. This is known as the Prudential Framework. Local authorities can borrow from the Public Works Loan Board to fund the construction of social housing. However, this is only where they have headroom to do so under the Housing Revenue Account borrowing caps and provided that any such borrowing is prudential.</p><p>We have listened to local authorities who asked for additional borrowing to build more housing. We recently announced that we will raise the Housing Revenue Account borrowing cap by a total of up to £1 billion in areas of high affordability pressure for local authorities who are ready to start building new homes. Local authorities will be able to bid for increases in their caps from 2019-20 to 2021/22.</p><p>This will complement measures to support local authorities to build more homes through a longer term rent deal that provides a stable investment environment to deliver new homes. This is alongside an additional £2 billion to deliver more affordable housing for social rent in areas of acute affordability pressure. This will help to deliver the new generation of council house building which the Prime Minister announced recently.</p> answering member printed Lord Bourne of Aberystwyth question first answered 16/01/2018 17:53:43 answering member 4282 label Biography information for Lord Bourne of Aberystwyth
tabling member	3869 label Biography information for Lord Myners

778051

registered interest
date	26/10/2017
answering body	Department for Communities and Local Government
answering dept id	7
answering dept short name	Communities and Local Government
answering dept sort name	Communities and Local Government
hansard heading	Local Government: Borrowing
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether local authorities are free to borrow against the security of their capital assets, for example for new housing; if so, whether such borrowing is treated as increasing the national debt; and if so, why.
tabling member printed	Lord Hylton
uin	HL2597
answer	answer is ministerial correction date of answer 09/11/2017 answer text <p>Under the prudential system, local authorities in England are free to borrow without government consent, providing that their borrowing is affordable. When calculating an affordable level of borrowing, local authorities are required by statute to have regard to the Prudential Code issued by the Chartered Institute of Public Finance and Accountancy. Borrowing in the Housing Revenue Account can be used to fund the delivery of new social housing. This borrowing is capped, but there remains unused borrowing headroom of £3.5 billion (up from £2.9bn in 2012).</p><p>The measure used in the Government fiscal mandate to measure the national debt is Public Sector Net Debt excluding public sector banks (PSND). This covers all institutions classified to the public sector by the Office for National Statistics apart from RBS and is produced on a consolidated basis. As part of the public sector, local authorities borrowing will therefore increase PSND.</p><p> </p><p> </p> answering member printed Lord Bourne of Aberystwyth question first answered 09/11/2017 14:06:40 answering member 4282 label Biography information for Lord Bourne of Aberystwyth
tabling member	2018 label Biography information for Lord Hylton

778072

registered interest
date	26/10/2017
answering body	Department for Communities and Local Government
answering dept id	7
answering dept short name	Communities and Local Government
answering dept sort name	Communities and Local Government
hansard heading	Local Government: Borrowing
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the answers by Lord Young of Cookham on 25 October (HL Deb, col 935) and Lord Bourne of Aberystwyth on 26 October, what circumstances would lead them to lifting local authority borrowing restrictions.
tabling member printed	Lord Kennedy of Southwark
uin	HL2617
answer	answer is ministerial correction date of answer 06/11/2017 answer text <p>As I have indicated on previous occasions, we are continuing to discuss borrowing headroom with local authorities and we will be taking a pragmatic approach to these talks.</p><p>It would be unwise to prejudge the outcome of these discussions by attempting to list every circumstance under which we might agree to modify borrowing restrictions.</p><p>Fundamentally, the outcome of our talks with councils will depend on the financial position of each authority, the particular pressures in each locality and affordability from the wider national perspective.</p> answering member printed Lord Bourne of Aberystwyth question first answered 06/11/2017 17:56:54 answering member 4282 label Biography information for Lord Bourne of Aberystwyth
tabling member	4153 label Biography information for Lord Kennedy of Southwark