Council publishes Capitalisation Direction letters
Havering Council passed it's budget for 2024-25 after seeking a Capitalisation Direction from the government.
As part of the Council’s budget-setting process we announced that the government confirmed it was minded to grant an in-principle approval for a Capitalisation Direction.
This allows the Council to borrow to set a balanced budget and keep the Council from declaring a section 114 notice.
The Council has now received permission from the Department for Levelling Up, Housing and Communities (DLUHC) to publish the Capitalisation Direction letter from the Minster for Local Government.
We have also published the response letter from Council Leader, Cllr Ray Morgon.
These include further details of the Capitalisation Direction and the conditions attached to the agreement.