Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he plans to update the Green Book to issue local authorities and other public sector bodies with guidance on how to manage land assets and commercial property investments.

HM Treasury will publish a revised Green Book at Spending Review 2020. This will reflect the findings of the Green Book review which was established at Budget 2020 to investigate whether the Green Book hindered the Government’s levelling up ambitions. It does not specifically address the management of land assets and commercial property investments. However, as part of a recent consultation, the Government set out that Local Authorities should not be investing in commercial property investments that serve no direct policy or treasury management purpose, and made proposals to amend the lending terms of the Public Works Loans Board (PWLB) to address the issue. The consultation closed on 31 July and the Government will be issuing a response in due course.