Covid-19 crisis creates a compelling case to cancel local authority debt
Cancellation of councils’ debts would free up desperately needed resources amid this unprecedented pandemic, says MARTIN WICKS
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TAKING on more debt is not the only way to create spending power. Debt cancellation, for instance the debt owed by local authorities to the Public Works Loans Board (PWLB), would provide a huge increase in spending power because they would no longer have to repay loans or interest charges.
Last year local authorities paid around £4.5 billion to the PWLB in loan repayments and interest charges.
Overall, local authorities have around £77bn in debt held with the PWLB.
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