Written question WQ88022
- Asked by
- Andrew RT DaviesConservative
- To be answered by
- Minister for Finance and Local Government
- Tabled
- Due
- Answered
- Time to answer
- 11 days
Question
Will the Minister provide a breakdown of each time the Welsh Government has borrowed against the capital borrowing limit?
Answer
Answered by Minister for Finance and Local Government
The Welsh Government has borrowed three times under sections 121 and 122 of Government of Wales Act 2006.
Date of Borrowing
Amount
Borrowed
(£m)
Principal Outstanding
(£m)
22 March 2019
65.000
57.207
24 March 2023
120.000
120.000
29 March 2023
30.000
30.000
Legacy Borrowing (former WDA loans)
10.403
Total Principal Outstanding
217.610
Considering legacy borrowing brought forward and repayments made to date, a total of £217.61m is currently borrowed against the £1bn capital borrowing limit.
Spending plans published in the Welsh Government’s final budget have included plans to borrow the maximum possible each year since 2018-19. Borrowing only takes place after cheaper forms of finance have been exhausted and carefully considered during each budget period with regard to the ongoing revenue costs that borrowing incurs.
Under this principle, Welsh Government has subsequently reduced or not borrowed because of emerging underspends and additional DEL funding arising in-year from UK consequentials.