Tramlink, a Private Finance Initiative which runs Nottingham City Council’s tram network is losing £404,000 a week as a result of Covid-19, the authority has revealed.
Kirklees Council has agreed to underwrite up to £4m of losses to ensure the medium and long-term future of its leisure services provider Kirklees Active Leisure.
Savings made by private sector firms and employees during lockdown could help pay for tax rises to cover the repayment of government Covid-19 debt, according to the National Institute of Economic and...
The government has guaranteed £3.7bn of additional funding for Scotland, Wales and Northern Ireland to help the devolved administrations plan their response to Covid-19 in the months ahead.
The financial system that emerged from separation of debit and credit in the 14th century seems to be nearing the end of its useful life, says David Kauders.
Ratings agency Moody’s has warned that it could downgrade the UK’s credit rating if it fails to provide a credible debt reduction strategy following Covid-19.
MSPs have launched an inquiry into Scottish local government finances aimed at working out whether Covid-19 will lead to a “new normal” in the way services are delivered.
Central government has failed to give local authorities enough clarity over long-term funding during the coronavirus pandemic, according to a report from the Public Accounts Committee.
The government is asking for views on the potential of a capital values tax or online services tax to replace business rates in its comprehensive review of the tax.
Bank of England chief economist Andy Haldane has suggested negative interest rates could be implemented if further negative shocks are felt in the economy.
The Institute for Fiscal Studies has warned the comprehensive spending review could lead to less money for spending departments than was trailed in March’s Budget, due to the Covid-19 pandemic.
Local authority borrowing continued to rise in June to £3bn, £100m more than in May, and ten times higher than the figure for June 2019, according to figures from the Office for National Statistics.
The government has announced £3bn of extra funding for the NHS in England to deal with an upcoming “perfect storm” that threatens to tip the health service over capacity.
The National Audit Office is to investigate the government’s implementation of Covid-19-related employment initiatives, including how it is mitigating the risk of fraud.
Birmingham City Council has received the biggest allocation from the government’s latest £500m pot to support councils with spending related to Covid-19.
The Treasury has announced a further round of gilt sales, taking the planned 2020-21 total to £385m – more than double the amount anticipated in March’s Budget.
Luton Borough Council has agreed a “horrendous” package of spending cuts after the airport operator it owns declared it could not make an expected £16m dividend payment due to Covid-19.
The government must ensure £730m of unspent European Union funding is spent by the end of the year to prevent it being sent back to Brussels, according to the Local Government Association.