Monday, 5 December 2016

Does your council have LOBO loans?

The contraversey surrounding the LOBO loans isn't going to go conveniently away!

Included in the website is information about Local Authority Finance, spending, funding & borrowing. Also included is information about which councils are borrowing over £50m, who from, and in whose interest the loan works! The "cripplingly expensive loans" are "complex big bank structures aimed at hedge funds but bought by local authorities post recession to fund services & projects". In other words the drain upon local Public Funds by crooked banks is blatant!

When the local inhabitants of council areas realise that they are feeding the banks by paying for huge loans and substantial interest rates, while the same councils have been hoarding-away Public Funds in "Unusable Reserves", they may decide to stop paying Council Tax!

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