Capital Futures: assessing the alternatives – post-PWLB borrowing options for local authorities in the UK

Kindly supported by Balfour Beatty, City of London, Morgan Stanley and Nabarro

Local capital investment faces a challenging future: centrally provided capital funding is set to be reduced by nearly half, major investment programmes in schools and hospitals are disappearing and there are likely to be increasing pressures to shift resources to urgent revenue requirements. Yet there is still a continued and pressing need for capital investment across England’s communities. The lessons of the past tell us neglecting these should not be an option. In addition, the increase in the rate of borrowing from the Public Works Loans Board announced in the CSR is forcing local authorities to think more cleverly and openly about where and how they access capital funding.

In this seminar we will address one strand of the challenge facing local authorities – finding an alternative to the PWLB.

  • What are the alternative mechanisms to local authorities for raising debt? Such as municipal bonds.
  • How local authorities could use derivatives and other capital debt market operations to help lower the cost of debt and reduce risk.

Speakers include:
Lars Andersson, Founder of Kommuninvest
Paul Mahony, Morgan Stanley
Piers Williamson, Chief Executive, Housing Finance Corporation