Public Works Loan Board
The Board's interest rates are determined by HM Treasury in accordance with section 5 of the National Loans Act 1968. In practice, rates are set by the DMO on HM Treasury’s behalf in accordance with agreed procedures and methodologies which are described in a DMO Technical Note (53KB) last updated on 17 November 2015.
The Government has reduced by 20 basis points (0.20%) the interest rates on loans to principal local authorities who provide information as required on their plans for long-term borrowing and associated capital spending (the Certainty Rate). Rates are reduced by 40 basis points (0.40%) for lending in respect of an infrastructure project nominated by a Local Enterprise Partnership (LEP) (the Project Rate). More information on these rates is available on the Concessionary Rates page.
Fixed Interest Rates
Fixed interest rates are based on gilt yields and are published twice a day, at 9:30am for start of business and 12:30pm. DMO reserves the right to make additional, unscheduled intra-daily rate changes as necessary.
Fixed Interest Rates: New Loans and Premature Repayment Rates
There are two sets of rates. The 'new loan' rates apply to fresh advances while the 'premature repayment' rates apply to loans being repaid early. Rates for new loans can be at the PWLB Standard Rate, Certainty Rate or Project Rate, whereas there is only one type of rate for premature repayments.
National Loans Fund (NLF) Interest Rates, Rentcharge Reference Rates and Acquisition of Land Compensation Rate
Information about National Loans Fund (NLF) Interest Rates, Rentcharge Reference Rates and Acquisition of Land Compensation Rate are available on this website.
Variable Interest Rates
Variable interest rates are published at 9:30am each day and are based on general collateral repo rates for one, three and six months, as appropriate.
Fixed Higher Interest Rates
In the past, two sets of rates were determined: Higher quota rates and Lower quota rates. Each set applied both to new loans and premature repayments as appropriate. Higher quota rates, from 1 April 1994 until they were discontinued with effect from 1 April 2004, are available below.