The UK's Prudential Borrowing Framework: professional discipline and control

Stephen J. Bailey, Darinka Asenova, John Hood

Research output: Contribution to journalArticle

Abstract

Since 2004, governance and accountability arrangements for UK local government borrowing under the new Prudential Borrowing Framework (PBF) have been based on the professional discipline and control model of governance. It supplements the earlier centralised discipline and control model whereby municipal borrowing had to be specifically approved by central government and provides an alternative to Private Finance Initiatives (PFIs) and Public-Private Partnerships (PPPs) for capital procurement. Incorporating a case study of the use of PBF by Glasgow City Council, this paper considers the strengths and weaknesses of the PBF as a control mechanism for borrowing.

Original languageEnglish
Pages (from-to)211-229
Number of pages19
JournalLocal Government Studies
Volume38
Issue number2
Early online date25 Oct 2011
DOIs
Publication statusPublished - 2012

Keywords

  • municipal governance models
  • municipal borrowing
  • Prudential Code
  • Prudential Borrowing Framework

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