Decision - Treasury Management Strategy Statement 2023-24 - Mid-Year Review

1) That Strategy, Finance & City Regeneration Committee notes the key actions taken during the first half of 2023/24 to meet the Treasury Management Strategy Statement and practices (including the investment strategy) as set out in this report. 2) That Strategy, Finance & City Regeneration Committee notes the reported compliance with the Annual Investment Strategy for the 6 month period up to the end of September 2023. 3) That Strategy, Finance & City Regeneration Committee notes that the approved maximum indicator for investment risk of 0.05% has been adhered to and the authorised borrowing limit and operational boundary have not been exceeded.

The report reviews UK economic conditions in the first half of 2023/24, including high interest rates, falling inflation, weakening growth and a cooling labour market. It expects the economy to lose momentum and enter a mild recession, while the Bank of England is expected to keep interest rates at 5.25% until the second half of 2024.