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Rules on council borrowing to be tightened - here’s what it means for Trafford’s finances
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manchestereveningnews.co.ukFor the latest Trafford news sign up to the MyTrafford newsletter here The rules on how much and how councils can borrow money to support their budgets are changing.
The Prudential Code is a professional code of practice for councils that aims to make sure their financial plans are affordable and sustainable.
At the end of 2021, the rules will essentially tighten to stop councils borrowing more than they can afford to repay and stop them from borrowing purely to make a profit.
The new code encourages councils to borrow with a focus on regenerating their communities, rather than simply making more cash to balance their budgets.
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