
Debt, derivatives and financial dark arts - is this any way to run a city?
The SANE (Solidarity Against Neoliberal Extremism) Collective argues that the Glasgow City Council has mortgaged the city’s future
GLASGOW City Council, with total debts of around £1.5bn, is facing “a period of unprecedented financial pressure” with a funding gap of £129.1 million over the period 2018-2021, and that is before accounting for repayments on the £548m-worth of mortgages to pay for the equal pay settlement.