The Government has abolished the Public Works Loan Board (‘PWLB’), the body that had legal responsibility for providing most loan finance to local authorities including parish, town and community councils. However this is not as drastic as it sounds. The PWLB had for many years delegated its statutory functions such as considering loan applications to
The 1% increase to the Public Works Loan Board (PWLB) rate will cost councils £70m a year, town hall chiefs have warned. In a letter to chief finance officers, the Treasury hiked the interest rate charged on loans to local authorities by one percent, taking the interest rate from 1.8% to 2.8% with immediate effect.