Council still waiting for accounts sign-off

PLYMOUTH City Council has still not received Government consent for its 2025/26 accounts to be approved.

- By WILLIAM TELFORD

The authority is still waiting for a capitalisation direction needed after it borrowed £72m from the Government to buy shares in a company and then use it to wipe out a pension deficit.

In March, the council said a minister had written to the council to say he was “minded” to grant a capitalisation direction, allowing the 2025/26 budget to be approved.

But first, Jim McMahon, minister of state for local government and English devolution, wanted to know about £1.2m that was paid to cover what the council described as “governance arrangements, filing fees, tax expertise and legal advice” as part of the shares/pension deal.