Magazine article Public Finance

News: In Brief

Magazine article Public Finance

News: In Brief

Article excerpt

PERMA-CUTS

Whitehall spending cuts of £lbn In 2015/16 were made permanent and a new Charter for Budget Responsibility Is to be brought forward In the autumn.

REACHING PEAK

Growth is expected to reach its pre-recession peak this year. According to Office for Budget Responsibility estimates, growth will be 2.7% this year and 2.3% next year, while the deficit will shrink to 6.6% of GDP this year.

REPAIRS FUND

A £200m fund was announced for local authorities to pay for road repairs following the winter floods. An additional £140m was released for repair and maintenance of flood defences.

HOMES HELP

The Help to Buy equity loan scheme Is to be extended to the end of the decade. Housing development to be concentrated In a new garden city at Ebbsfleet, In Barking Riverside and at Brent Cross.

WORKING CAPITAL

The amount the Public Works Loan Board can lend to local authorities was increased from £70bn to £95bn. …

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