CIPFA has played a key role in the development of the prudential framework for capital investment by local government. This replaces the previous complex regulatory frameworks in England, Wales and Scotland.

The new system is one based largely on self-regulation by local authorities. At its heart is the CIPFA Prudential Code for Capital Finance in Local Authorities.

This is potentially the most significant and positive change in local authority finance for decades and will enable authorities to take greater control of their investment in the fixed assets that are central to the delivery of quality local public services.

The prudential framework commenced in local authorities throughout Great Britain in April 2004.

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