Council leaders have called for urgent talks with ministers to discuss future local authority borrowing powers, designed to help them access the very best rates.

The move follows an announcement in chancellor George Osborne's Budget allowing authorities to borrow from the Public Works Loan Board (PWLB) at advantageous rates. Mr Osborne has announced that councils can now borrow from the PWLB at a rate 20 basis points (0.2%) lower than previously.