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WELSH UNIMPRESSED BY SUPERFICIAL CAPITAL PLANS

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A Welsh Office paper outlining proposals for modernising the capital finance system has been criticised as disappoi...
A Welsh Office paper outlining proposals for modernising the capital finance system has been criticised as disappointing by the Welsh Local Government Association.

Local government minister Win Griffiths said the aim of the review was to provide greater stability in the use of£500 million in Welsh capital resources.

It was also intended to provide councils with more choice in the use of capital and incentives to improve budgeting and asset management.

WLGA head of finance Steve Dunster said the consultation paper Managing capital was disappointing in its failure to look at greater flexibility in the use of capital receipts. 'It doesn't really get to the root of reviewing the system of controlling capital,' he said.
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