I'm still processing the news this week that Public Works Loan Board rates have been increased by 1% across the board with immediate effect. This seems at odds with the lifting of the Housing Revenue Account (HRA) borrowing cap last year and the incentives within the local government finance system to encourage economic growth.

There isn't any analysis available on exactly what local authorities are borrowing for, but I would expect a significant amount is for regeneration and housing projects, many of which may already be on the cusp of viability.