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By Joey Gardiner2019-10-14T05:00:00
Source: Shutterstock
Treasury reveals it has increased rate at which authorities 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 yesterday to say that the rate of interest charged for money raised under the Public Works Loan Board (PWLB) was going up to 1% above the government’s cost of borrowing.
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