Concern has been raised by London boroughs over the borrowing arrangements for the financial settlement, following abolition of the housing revenue account (HRA) subsidy system.

London Councils' head of sustainable communities, Nigel Minto, told The MJ there was widespread ‘concern' over the prudential borrowing arrangements of self-financing. The consultation document on self-financing housing revenue, published by the DCLG last year, also stated such concerns among local authorities over the proposal to cap debt at the opening level under self-financing.