Greater Manchester Pension Fund chair dies
Kieran Quinn, chairman of Greater Manchester Pension Fund, has passed away following a fall caused after suffering a heart attack. Quinn, the executive leader of Tameside Council, fell while delivering Christmas cards with his wife prior to Christmas. A tribute from the council said: “Whether astutely guiding Tameside Council through the most difficult period for local government in living memory, ensuring the GMPF grew into the largest most successful pension fund in the UK against the wider trend of pensions shortfalls, or fighting to reduce the north-south economic imbalance now widely recognised through the Northern Powerhouse agenda, he always stood up and provided the necessary leadership.” Tameside is creating a book of condolence and messages can be sent to communications@tameside.gov.uk
Finance firms appointed to LGPS framework
A clutch of finance firms has won places on a £100m LGPS framework for the provision of investment consultancy services. Norfolk County Council has led the framework on behalf of itself, Cheshire Pension Fund, the Environment Agency Pension Fund, London Borough of Hackney, London Borough of Tower Hamlets, Merseyside Pension Fund, Cambridgeshire, Northamptonshire and West Sussex County Councils. The agreement will be in place for four years and is available to all LGPS funds and pools.
Planning increase powers to kick in
Councils will be able to apply up to 20% increases in planning fees from this month. Before Christmas, Parliament passed regulations allowing local authorities to make additional charges, according to an update from the government. Last month, the Local Government Association said it was “crucial” that ministers got on with approving the regulations.
Councils borrow £382m from PWLB
Local authorities borrowed £382m from the Public Works Loan Board during December, according to government figures. The largest loans — of £30m each — were made to Fife Council in Scotland and London Borough of Barking and Dagenham. The December total was down from November’s figure of £1.02bn, the first time more than £1bn was collectively borrowed during a month since June 2016 in the run up to the Brexit referendum, when £1.326bn was borrowed.
New Forest launches housing company
New Forest District Council has launched a £10m plan to invest in private residential property to help raise money to boost finances. The strategy would see a council-owned company purchasing residential properties, and building homes on sites it owns or would acquire to provide private rented, shared-ownership and starter homes for sale. Portfolio holder for finance, corporate services and improvement, councillor Jeremy Heron, said: “This investment strategy is entirely separate from the council’s Housing Strategy and does not affect our commitment to providing council housing and encouraging developers to build affordable homes to help address the housing need in the district.”
Shropshire faces £60m shortfall
Shropshire Council is set to agree plans to use £9m of reserves to help tackle a funding shortfall of almost £60m. The council will consider a new financial strategy which also proposes cuts, plus commercial ventures including £10m of revenue from investment in property. It will also look to increase council tax by 5.99%, the maximum allowed by law without a referendum being called.
