Writer Fanny Malinen lays out the extent of Scotland's deep problem with local authority debt - and makes the case for getting rid of it
SCOTLAND'S local authority debt is illegal, illegitimate and odious, says a report by the Green Party, published in November.
Scottish councils paying 44 per cent of council tax revenues as interest payments to banks and treasury
A LEADING debt researcher and campaigner has called on Scottish policy makers to factor in a crisis of indebtedness of Scottish councils, following the announcement of council tax reform.
Channel 4 Dispatches documentary raised profile of local authority 'Lobo' loans
THE UK Government's committee for local government has agreed to launch an inquiry into controversial local council loans from private banks known as 'Lobo's' which campaigners say is costing millions of pounds in interest repayments that could be spent on public services at a time of austerity.
'Lobo loans' can cost councils up to double the cost borrowing from the government
STATE-OWNED RBS is forcing Edinburgh City Council to pay back loans at high rates of interest meaning that millions of pounds which could be going to public services is ending up in bank coffers, an RBS shareholder claimed at the bank's AGM in Edinburgh this week.
CommonSpace journalism is completely free from the influence of advertisers and is only possible with your continued support. Please contribute a monthly amount towards our costs. Build the Scotland you want to live in - support our new media.
CommonSpace relies on your donations. Please support new media.
Join Us Today
If everyone reading this gave £3 a month, we could end the fundraiser tomorrow and never have to ask for another penny again. Empowered citizens create their own media.