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#1004423 - 15th Mar 2016 12:31am Money Lending by Councils
granny Offline

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Registered: 29th Jun 2011
Posts: 13869
Loc: Wirral
According to a local newsletter, WBC are lending money again. After 2013 when deals were negotiated to lend £35.5 million to other councils, we see that they are now about to lend a further 3 council a total of £5 million at 0.5% interest.
Altogether , Wirral Council now has £73 million invested elsewhere and are set to raise Council Tax by a possible 4% rise.

Does anyone else consider this to be strangely ludicrous , considering the bleating, the blaming and the robust continuation of threats to services that they 'apparently' can't afford ?



Edited by granny (15th Mar 2016 12:32am)
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#1004424 - 15th Mar 2016 1:09am Re: Money Lending by Councils [Re: granny]
diggingdeeper Offline

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Registered: 9th Jul 2008
Posts: 9798
Loc: Birkenhead
The council does have to keep reserves and can't just eat into them unless they have some sort of idea how they will reverse the process in the future.

However .... these ridiculously low interest rates they offer other councils is robbing us imho.

The council also borrows money (at higher interest rates than they lend) which is really absurd.
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#1004425 - 15th Mar 2016 7:40am Re: Money Lending by Councils [Re: granny]
venice Offline

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Registered: 21st Jul 2011
Posts: 2570
Loc: Wirral
Can remember the days when Irish councils (possibly here too) were borrowing money through bonds offered to the public @ 16%

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#1004443 - 15th Mar 2016 2:16pm Re: Money Lending by Councils [Re: granny]
diggingdeeper Offline

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Registered: 9th Jul 2008
Posts: 9798
Loc: Birkenhead
Warrington council re-introduced public bonds last year, also the Local Government association has started an agency whose purpose is to issue municipal bonds.

For years the councils used to issue 6% council mortgages but I guess these aren't viable at the moment because mortgage rates have bottomed at the 1.5% margin which we are currently experiencing.

Ultra low inflation stagnates society, it should be somewhere between 4% and 7% inflation to ensure the money flows around. At the moment money is flowing round in circles in the money market but isn't in the social market.
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#1004470 - 15th Mar 2016 8:29pm Re: Money Lending by Councils [Re: diggingdeeper]
oldpm01 Offline
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Registered: 8th Aug 2011
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Wish they would use some money to fix all the potholes on Brimstage road - its shocking

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