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Joined: Jun 2011
Posts: 17,788 Likes: 3
Wiki Master
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OP
Wiki Master
Joined: Jun 2011
Posts: 17,788 Likes: 3 |
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 ?
Last edited by granny; 15th Mar 2016 1:32am.
Humankind has not woven the web of life. We are but one thread within it. Whatever we do to the web, we do to ourselves. All things are bound together. All things connect.
~Chief Seattle
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Joined: Jul 2008
Posts: 14,350 Likes: 20
Wiki Master
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Wiki Master
Joined: Jul 2008
Posts: 14,350 Likes: 20 |
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.
We don't do charity in Germany, we pay taxes. Charity is a failure of governments' responsibilities - Henning Wehn https://ddue.uk
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Joined: Jul 2011
Posts: 3,621
Forum Guardian
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Forum Guardian
Joined: Jul 2011
Posts: 3,621 |
Can remember the days when Irish councils (possibly here too) were borrowing money through bonds offered to the public @ 16%
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Joined: Jul 2008
Posts: 14,350 Likes: 20
Wiki Master
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Wiki Master
Joined: Jul 2008
Posts: 14,350 Likes: 20 |
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.
We don't do charity in Germany, we pay taxes. Charity is a failure of governments' responsibilities - Henning Wehn https://ddue.uk
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Joined: Aug 2011
Posts: 154
Enthusiast
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Enthusiast
Joined: Aug 2011
Posts: 154 |
Wish they would use some money to fix all the potholes on Brimstage road - its shocking
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