- Question by: Kit Malthouse
- Meeting date: 05 June 2013
Kit Malthouse (AM): Professor, it is very interesting, what you have been saying this morning. Obviously the restrictions on borrowing by local authorities were loosened in 2003. I hesitate to be political about it, but the strict introductions that were introduced in the 1980s were in response to irresponsible borrowing by a number of local authorities, not least Liverpool and Hammersmith and Fulham, interestingly, and also I think the interest rate swap debacle where Hammersmith and Fulham lost the case on their treasury management and got into all sorts of trouble. The reason that the Government introduced those restrictions back...
