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.

Edinburgh has joined a number of councils in England in saying no to controversial ‘LOBO’ loans. Edinburgh Green councillor Gavin Corbett explains.

THE world of local authority treasury management is a rarefied one. Not many councillors seek election in order to pore over investment strategy or unpick the debt profile which councils have to manage.

Nevertheless, there it is.

Scottish councils could save hundreds of millions by re-negotiating banks which have made enormous profits through high interest loans, campaigners say

‘Lobo’ loans with RBS cost significantly more for local authorities than standard loans with the UK Government’s Public Works Loan Board

George Kerevan: “This is RBS using OUR money in a scam to raise share prices - £1.4bn of state-owned, bailed-out bank cash that should be used to invest in the economy”

RBS has indicated it is “open to discussions” about loan re-financing after agreeing to new terms with Kent and Northamptonshire councils

SCOTLAND’S three largest councils could collectively save over £1 billion by re-financing controversial high interest ‘Lobo’ loans, researchers have found.

Campaigners call on local authorities, including Edinburgh City Council, to take action against the loans and ensure hundreds of millions are saved for local taxpayers

RBS has been accused of committing a “fraud over the people” and seeking to extract the “maximum interest possible” from local authorities struggling with austerity cuts due to the role the bank places in LOBO loans.

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.