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"Whitehall today threw a hand grenade into local authority borrowing plans by announcing a whole percentage point increase in the rate of borrowing from the Public Works Loan Board (PWLB).
"Borrowing from the loan facility has continued to increase at a rapid rate in recent years due to record low rates on offer – with many using the money to invest in commercial property to produce a financial return to invest in services.
"In a letter to chief finance officers at local authorities sent on Wednesday, the Treasury's local government and reform team called a brutal halt to that spree with the rise, which takes immediate effect."
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