Decision details

(1)       Public Works Loan Board

The Assistant Director (Finance & Estates) advised that the Government had announced an increase of 1% in the Public Works Loan Board (PWLB) interest rates.  This would mean that the financial information contained in the emerging Housing Revenue Account Business Plan and the Wholly Owned Housing Company would need significant revision.

The Executive was extremely disappointed at this announcement, especially as there had been no consultation with the Local Government Association (LGA) or local authorities, and as the Government had encouraged councils to borrow at the previously lower interest rates.

The Leader would be raising the matter with the Chair of the LGA Resources Board, and asked the Assistant Director (Finance & Estates) to feed back the Executive’s extreme disappointment to the Local Government Minister and the Treasury.

(2)       Brexit Update

The Interim Strategic Director updated Members on the Council’s “No Deal” Brexit preparations.

The Interim Strategic Director was requested to:

·      Keep a close monitor of the expenditure associated with the Council’s Brexit preparations;

·      Provide a weekly summary of developments to Executive Members;

·      Provide regular monthly updates to all Members; and

·      Provide a list of the officer leads for each of the Brexit preparation work areas to Executive Members.