Councils borrowed just £80m through the Public Works Loan Board (PWLB) during the first full month since the Treasury’s rate rise, a mere 4% of August’s total.

Room 151 writer Colin Marrs details how just two authorities – Transport for London (£70m) and City of Edinburgh (£8.4m) – made up 98% of the month’s borrowing, with the remainder being taken in amounts of below £500,000 by parish councils.

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