The Local Government Association considered the establishment of an agency to reduce the cost of councils’ debt financing at some length. An outline business case was prepared in 2011-12 and following a brief review in October 2013 the decision was taken to update the business case. This was published as the Revised Business Case in March 2014 and led to the establishment of what was to become the UK Municipal Bonds Agency plc.
The Revised Business Case set out a clear rationale for the establishment of a bonds agency, noting there was ample evidence from Scandinavia, Japan and New Zealand that a bonds agency would deliver ample benefits to local authorities, not least reduced borrowing costs. Most importantly, the Revised Business Case established a clear justification for a bonds agency on public interest grounds, primarily that it would:
The key benefits for local authorities set out in the Revised Business Case were:
A copy can be downloaded here.
In 2019, the guarantee arrangements set out in the Revised Business Case were amended so that the liability of local authorities borrowing through the UK Municipal Bonds Agency’s pooled loan programme would be proportional to their borrowings rather than joint and several.
The UK Municipal Bonds Agency believes that the rationale for its creation has been validated.
On 5 March 2020, the UK Municipal Bonds Agency issued its innaugural £350 million bond on behalf of Lancashire County Council. The bond was a 5-year floating rate note, priced at 0.8 per cent over SONIA. This pricing was significantly better than could be obtained from the PWLB, thereby demonstrating that the UK Municipal Bonds Agency can deliver significant savings for local government, validating the key assumption that led to its creation. The interest rate was 0.81 per cent below the PWLB 3-month variable rate on the day and 1.08 per cent lower than the 5-year maturity rate.
Other developments in the recent past have proven the public interest case:
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You can contact us by emailing email@example.com or by writing to us at UK Municipal Bond Agency Plc, 5 – 8 The Sanctuary, London SW1P 3JS
This accessibility statement applies to https://ukmba.org/
This website is run by the Local Government Association and PFM. We want as many people as possible to be able to use this website. For example, that means you should be able to:
AbilityNet has advice on making your device easier to use if you have a disability.
We know some parts of this website are not fully accessible:
If you need information on this website in a different format like accessible PDF, large print, easy read, audio recording or braille:
We’ll consider your request and get back to you in 10 days.
We’re always looking to improve the accessibility of this website. If you find any problems not listed on this page or think we’re not meeting accessibility requirements, contact: firstname.lastname@example.org.
The Equality and Human Rights Commission (EHRC) is responsible for enforcing the Public Sector Bodies (Websites and Mobile Applications) (No. 2) Accessibility Regulations 2018 (the ‘accessibility regulations’). If you’re not happy with how we respond to your complaint, contact the Equality Advisory and Support Service (EASS).
The UKMBA is committed to making its website accessible, in accordance with the Public Sector Bodies (Websites and Mobile Applications) (No. 2) Accessibility Regulations 2018.
This website is partially compliant with the Web Content Accessibility Guidelines version 2.1 AA standard, due to the non-compliances and exemptions.
The content listed below is non-accessible for the following reasons.
Not all of our images have suitable text alternatives and where there is alt text it is not always suitable. This fails SC 1.1.1: Non-text Content and is something we will aim to improve on with all new content whilst correcting older content/images.
Currently the sites core theme has no landmarks, which makes it impossible to navigate in this manner and impossible to bypass menu info with a ‘skip to content’. This fails SC 2.4.1: Bypass Blocks. We will look at how to best implement the landmarks in the next significant round of developer updates.
Many of the links on the site have been poorly created in terms of how they might work with assistive technology, where we see ‘click here’ or similar, these fail SC 2.4.4: Link Purpose (In Context). We will amend the links on our most popular pages by December 2022.
The site search icon currently fails SC 2.5.3: Label in Name as it is incorrectly labelled. We will try to amend this in the next significant round of developments.
The majority of the PDFs on the site were created before 2018 and do not have a wide readership. We believe that they site outside of the regulations.
This statement was prepared on 12 September 2022.
This website was last tested on September 2022. The test was carried out in house by the LGA.
We tested key landing pages and templates using the Axe Extension for Chrome and the Simplified Testing method used by the UK Government.
This website was based on a design by Themes and Co
Photographs on the front slider
“Construction” by Alex Liivet
“New Birmingham Library under construction” by Tony Hisgett
Licensed for reuse under the Creative Commons Licence
The UK Municipal Bonds Agency Plc is constantly improving the quality of the service it provides over the Internet. From time to time this may require upgrading to a suitable browser or amending your computer settings in order to enjoy all the benefits and new services that the agency provides on the Internet. If you do not have one of the supported web browsers installed on your computer, click on one of the links below to download one.
|Internet Explorer||Visit the Microsoft website|
|Firefox||Visit the Mozilla website|
|Google Chrome||Vist the Google chrome website|
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