WARRINGTON Borough Council is in the running for a national award for its innovative financial approach – which is helping to reduce the impact of Government austerity cuts.

The council is one of five local authorities shortlisted in the 'innovation in finance' category of this year's MJ Local Government Achievement Awards.

Warrington has been shortlisted for its focus on 'doing things differently' and working creatively to develop 'a strong, commercially-focused financial model'.

This has yielded an average return for the council of six per cent per annum over the past two years, supporting the economy and helping mitigate the impact of cuts.

Cllr Russ Bowden, executive board member for corporate finance, said: "Warrington is earning a reputation for its financial innovation – but what is most important is that our investments are responsible, diligent, ethical and value for money.

"It's why we maintain a credit rating that is on a par with the governments of France, South Korea, China and Kuwait.

"Everything we are doing is aimed at generating gains that can help us navigate the difficult economic climate and fund environmental, social and cultural change programmes.

"We believe we are one of the local authorities which is leading the way in this area, so it's great that this work is being recognised nationally."

Key projects, which are proving to be successful for the council, include partnering with Newham and Thurrock councils and The British Museum, with a £60 million bond investment in one of the UK's largest solar farms in Swindon.

It is expected to deliver £1 million in returns every year for Warrington, which can be ploughed back into council services.

The authority has also invested £5 million in installing solar panels on 3,000 affordable homes, which has generated a financial return for the borough, while reducing household fuel bills, while its local authority mortgage scheme, with Capita, is helping hundreds of residents 'get on the housing ladder'.

The council's £150 million bond deal is financing the ambitious town centre regeneration plans, while the provision of large loans to housing association partners is enabling them to build 'desperately-needed homes and generating a return that is reinvested in frontline services'.

Warrington is also one of first local authorities to invest in a 'challenger' bank after paying £30 million to take a 33 per cent share in Redwood.

The bank is aiming to boost investment in small and medium-sized businesses in the town and beyond.

The MJ Local Government Achievement Awards take place in London on June 15.