William Eichler 22 January 2019

Council considers selling assets to pay £500m equal pay deal

Glasgow City Council might be forced to sell off some of its major assets in order to pay for its recently reached £500m equal pay deal.

The council agreed a deal last week to settle the claims of around 14,000 women who have historically not been paid the same as men working in comparable roles.

Glasgow CC has been investigating ways of raising the money to pay the bill with one option being selling some of its assets to its property company before leasing them back.

Buildings, such as leisure centres, may be sold to City Property, which is wholly owned by Glasgow CC. They would borrow cash from the lending market to pay the council.

The city council would then lease the buildings back and pay the cost of the City Property borrowing.

Historic and architecturally important buildings would not be included in the deal.

A council spokesman said: ‘Work on a financial strategy to meet the cost of settling equal pay has been ongoing, in parallel with negotiations, for a number of months.

‘The council has previously acknowledged this will involve making best-use of the city’s assets over a number of years to support borrowing.

‘Detailed proposals will be put before committee for approval in the near future.’

SIGN UP
For your free daily news bulletin
Highways jobs

Cook

North Yorkshire Council
£13.47 - £14.13 per hour
We have an opportunity to join our award-winning Facilities Management catering team Malton, North Yorkshire
Recuriter: North Yorkshire Council

Cleaner and Caretaker

North Yorkshire Council
£12.65 - £13.47 per hour
Are you looking for a cleaning role that is a little different? Harrogate, North Yorkshire
Recuriter: North Yorkshire Council

Project Officer Economic Development, Skills & Employment

North Northamptonshire Council
£38 220 - £40 777
The focus of this role within the Economic Growth & Sustainability team is economic development Kettering, Northamptonshire
Recuriter: North Northamptonshire Council

Project Support Officer Economic Growth & Sustainability

North Northamptonshire Council
£31 537 - £32 597
You’ll find that we have a wide range of careers that may be more surprising than you think! Kettering, Northamptonshire
Recuriter: North Northamptonshire Council

Service Director - Highways

Central Bedfordshire
£95,953 – £106,769
As part of the council’s leadership team, you will lead specialist technical services Bedfordshire
Recuriter: Central Bedfordshire
Linkedin Banner