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More Council Loans! #1054554
14th Apr 2018 3:16am
14th Apr 2018 3:16am
Joined: Jul 2008
Posts: 12,804
Birkenhead
diggingdeeper Offline OP

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diggingdeeper  Offline OP

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I mentioned about a year ago the low interest loans Wirral had made to other councils in 2012 when inflation was 2.75% ...

£2m to Doncaster at 0.8%
£6m to Lancashire at 0.75%
£6m to Northumberland at 0.75%
£5m to Stockport at 1%
£2m to Fife at 1.3%
£5m to Halton at 1.4%
£3m to Kingston-Upon-Hull at 1.5%
£4.5m to Newcastle-Upon-Tyne at 1.37%
£2m Newcastle-Upon-Tyne at 1.8%

Well it turns out that they haven't been happy with those little give-aways of our money, there have been loads more since ...

Attached Files wirral loans.jpg

In a time of universal deceit - telling the truth is a revolutionary act. George Orwell

We should judge our economy by the absence of poverty, not the number of billionaires - Jeremy Corbyn
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Re: More Council Loans! [Re: diggingdeeper] #1054584
14th Apr 2018 6:37pm
14th Apr 2018 6:37pm
Joined: Dec 2007
Posts: 363
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philmch Offline
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Local council elections are coming up next month. Vote the buggers out.

Re: More Council Loans! [Re: philmch] #1054585
14th Apr 2018 7:39pm
14th Apr 2018 7:39pm
Joined: Jul 2008
Posts: 12,804
Birkenhead
diggingdeeper Offline OP

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diggingdeeper  Offline OP

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Originally Posted by philmch
Local council elections are coming up next month. Vote the buggers out.


It would be nice if there was a viable alternative to vote for.


In a time of universal deceit - telling the truth is a revolutionary act. George Orwell

We should judge our economy by the absence of poverty, not the number of billionaires - Jeremy Corbyn
Re: More Council Loans! [Re: diggingdeeper] #1054597
15th Apr 2018 8:20am
15th Apr 2018 8:20am
Joined: Jan 2010
Posts: 1,666
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Excoriator Offline
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Let us make absolutely sure that no case in favour f these loans appears, either in the Wirral Globe or here!

One of the most compelling is that a council is a more trustworthy creditor than a bank, and quite possibly pays more interest.

Re: More Council Loans! [Re: diggingdeeper] #1054606
15th Apr 2018 3:16pm
15th Apr 2018 3:16pm
Joined: Jul 2008
Posts: 12,804
Birkenhead
diggingdeeper Offline OP

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diggingdeeper  Offline OP

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The problem is that the Council is also borrowing money at huge interest rates.


In a time of universal deceit - telling the truth is a revolutionary act. George Orwell

We should judge our economy by the absence of poverty, not the number of billionaires - Jeremy Corbyn
Re: More Council Loans! [Re: diggingdeeper] #1054615
15th Apr 2018 8:06pm
15th Apr 2018 8:06pm
Joined: Jul 2011
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venice Offline

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Would be interesting to know the political flavours at the time, of the councils who were the receiving cheap loans.

Re: More Council Loans! [Re: diggingdeeper] #1054701
17th Apr 2018 8:31pm
17th Apr 2018 8:31pm
Joined: Feb 2010
Posts: 18
Moreton
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LATEBOY Offline
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Moreton
Do other councils loan out their money? If the council is to have reserves of money then maybe other councils are safer bets than some banks and at least the money is helping each other out and not being used to fund bonus payments to bank directors.

Re: More Council Loans! [Re: diggingdeeper] #1054704
17th Apr 2018 8:52pm
17th Apr 2018 8:52pm
Joined: Jul 2008
Posts: 12,804
Birkenhead
diggingdeeper Offline OP

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diggingdeeper  Offline OP

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It may be marked as reserves but it doesn't negate that they are borrowing money at a much greater rate of interest (6%) than they are lending money out at (less than 1%), it is just throwing money away.

I've said it before, if the Council wants to lend out money, bring back the Council loans and mortgages which for many years were charged at 6%, that way the Wirral residents can borrow money from the Council and the money isn't "lost" elsewhere.

Mind you the Council think nothing of giving themselves pay rises of 16% to 36%, the people need to bring them to account. The amount of money Councillors get given for what is a voluntary role is disgusting and attracts professional politicians who could struggle to get paid for the lack of skills elsewhere.

Of course we now have the Council, the Chamber of Commerce and the Business Improvement Districts working hand in pocket with each other now, rate-payers are just an inconvenience.


In a time of universal deceit - telling the truth is a revolutionary act. George Orwell

We should judge our economy by the absence of poverty, not the number of billionaires - Jeremy Corbyn

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