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

Strategic Risk Manager

Wakefield Council
£59,962.00, Grade 14, 37 hours, Permanent
Are you ready to lead the strategic risk and insurance agenda for a forward-thinking local authority? Wakefield, West Yorkshire
Recuriter: Wakefield Council

Principal Management Accountant

Wakefield Council
Grade 11 - Grade 12
Are you passionate about making a difference to our citizens and the district that they reside in? Wakefield, West Yorkshire
Recuriter: Wakefield Council

Principal Engineer Section 38/278

Wakefield Council
£47,181.00 - £50,269.00, Grade 11, 37 hours, Permanent
Are you an experienced engineer with a strong background in Section 38 and Section 278 agreements? Wakefield, West Yorkshire
Recuriter: Wakefield Council

Administration Support Apprentice

Wakefield Council
National Minimum Wage - Apprentice
Wakefield Council is a former winner of the prestigious national award of Large Employer of the Year for Apprenticeships Wakefield, West Yorkshire
Recuriter: Wakefield Council

Deputy Manager

Durham County Council
Grade 11 £40,777 - £45,091
The Role  We are seeking a Deputy Manager who will support the Registered Manager to ensure the deliveery of high-quality care. You will  work directl Durham
Recuriter: Durham County Council
Linkedin Banner