OBR: Council borrowing for capital to halve

By Michael Burton | 08 March 2024

Council borrowing for capital projects is expected to almost halve due to curbs on commercial loans and interest rate rises.

In its forecast accompanying the Budget, the Office for Budget Responsibility (OBR) said local authority borrowing for capital spending was expected to decline from its 2019-20 peak of £12.2bn to £6.6bn in 2028-29.

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