Borrowing-rate hike threatens council housing programmes

By Jo Gardiner2019-10-15T06:00:00

Treasury increases rate at which councils can borrow money

Council housebuilding projects may have to be cancelled following a government announcement that it is increasing the interest rate at which councils can borrow to fund their schemes.

The Treasury wrote to council finance chiefs on Thursday to say that the rate of interest charged for money borrowed from the Public Works Loan Board (PWLB) was going up to 1% above the government’s cost of borrowing.

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Borrowing-rate hike threatens council housing programmes

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