Warrington Borough Council - a truly ROTTEN borough!

Warrington Borough Council are regularly in the spotlight with their dodgy investments. They must be controlled by dodgy councillors and dodgy executives, who should all be prosecuted and jailed for the maximum term, and be stripped of their pensions!

They invested £150 million in this collapsing company:
https://www.thisismoney.co.uk/money/markets/article-10052111/Top-investors-slash-stakes-roof-falls-Hut-Group.html

Despite being urged to leave their dodgy investments, they continue:
https://www.warringtonguardian.co.uk/news/19640032.council-urged-exit-poorly-performing-bank-investment/

WBC is proud of its record of theft from the public purse:
https://www.warrington-worldwide.co.uk/2021/10/08/council-remains-pleased-with-high-risk-investments-in-together-energy-and-redwood-bank-as-tories-raise-further-concerns/

Some local inhabitants will be keen to read the updates:
https://www.whatdotheyknow.com/request/202021_update_on_lobo_loans_192

The local inhabitants of Warrington will rightly be appalled at the blatant theft of Public Funds by the Labour council. They may be demanding accountability. Or they may want to stop supporting the fraud and theft by withholding further payments of Council Tax.

The LOBO scandal that will not go away

What are LOBO loans?

LOBOs are expensive and high risk loans that have been described by financial experts as “lose-lose bets” with the banks. In 2015, more than 200 local authorities across the UK had LOBO loans totalling at least £12 billion. Since then, councils have successfully exited £1.4 billion worth of loans and another £3.4 billion have been transformed into fixed-rate loans.

https://www.independent.co.uk/money/loans-credit/crippling-pfi-deals-leave-britain-ps222bn-debt-10170214.html

https://www.localgov.co.uk/24-councils-could-face-legal-action-over-high-interest-loans/41498

The London borough of Newham is one of the worst offenders

https://www.standard.co.uk/business/council-faces-probe-into-timebomb-lobo-loans-from-city-amid-cuts-in-children-s-services-a3199581.html

All councils are private registered companies trading for profit. They are run by criminals guilty of Misconduct in Public Office and Misappropriation of Public Funds. Support for the corporate councils is support for crime. Council Tax payments are giving money to a corporate 'mafia' engaged in racketeering, harassment & intimidation, extortion, and theft.

At least Liverpool City Council has sought to mitigate the high costs of these private loans by borrowing via the Treasury to pay off the expensive loan and reduce the interest payments. 

https://www.lgcplus.com/finance/liverpool-pays-off-lobo-debt-with-larger-loan-01-12-2021/

All the other councils with these private debts can do the same but most refuse. Why? Because they are using the local inhabitants as surety and don't care about the vast sums they are wasting!

The corporate councils want more

As if providing almost no services for 18 months is acceptable, or contractually correct, the corporate councils are planning to steal even more of the inhabitants sweat equity for their private pensions, large incomes, dodgy loans and redundancies, private debts and secret reserve accounts. They are little better than a kind of 'Mafia', using threats and harassment to collect their funds.

https://www.dailymail.co.uk/news/article-10047539/Families-face-paying-500-council-tax-town-halls-say-need-25-rise-pay-services.html

Eventually, all inhabitants of counties will get so fed up with being coerced into paying the corrupt and entitled corporate council staff and members, that they will stop paying Council Tax. While some may demand private contracts for services, many will realise that the vital services have been cut to pay for all the debts of the bankrupt corporate councils and decide to create their own.