Commentary on Sections Part 7 Public Works Loan Commissioners Section 54: Power to abolish Public Works Loan Commissioners
334.The Public Works Loan Board is a statutory body which dates back to the Public Works Loan Act 1875 and issues central governments loans to mainly local authorities in England, Scotland and Wales. It comprises twelve loan commissioners, with day to day operations carried out by the Debt Management Office which is an executive agency of HM Treasury.
335.Section 54 will include the Public Works Loan Board in Schedule 1 to the Public Bodies Act 2011 (PBA) and will allow the Government to make an order under the PBA, following a statutory consultation in the future as required under the PBA, which would abolish the PWLB and transfer its functions to another body. This will be subject to the affirmative resolution procedure set out in the PBA.