Laura Sharman 29 November 2018

Councils could save £16bn by refinancing LOBO loans, research finds

Councils could save £16bn by refinancing LOBO loans, research finds image

Councils are failing to save £16bn by not replacing their expensive LOBO loans with ones from the Government, new research has warned.

Analysis of the top 10 LOBO loan borrowers by Research for Action found the councils are missing out on savings of around £4bn in interest payments over the next 40 years by not replacing them.

It applied the average interest rates and years to maturity from each council’s loan portfolio, comparing it the PWLB rate of 2.21%.

Researcher Joel Benjamin said: ‘HM Treasury has been aware of the billions of pounds of savings available on mis-sold bank LOBO loans since at least March 2016, when they were asked to investigate toxic LOBO loans in an open letter signed by MPs, academics and councillors, yet two years on, treasury continues to ignore the problem, as billions of pounds of unnecessary further cuts decimate local services.’

Time for a council tax precept to fund CCTV image

Time for a council tax precept to fund CCTV

The crisis in funding for CCTV systems is not being addressed by the government or the police and is leading to the curtailment of this vital service in local authorities across the country. How can we ensure that communities that want this service continue to receive it, asks Tom Reeve.
SIGN UP
For your free daily news bulletin
Highways jobs

Service Director – Development & Regulation

West Berkshire Council
Up to £96,585 per annum
We are looking for a candidate with the passion for place making and a successful track record in leading and developing large multi-service teams.  Newbury, Berkshire
Recuriter: West Berkshire Council

Mayoralty & Business Manager

London Borough of Richmond upon Thames and London Borough of Wandsworth
£41,292 - £50,034
The Mayoralty & Business Manager will be responsible for maintaining the reputation of both Mayoralties and promoting a positive image of... London (Greater)
Recuriter: London Borough of Richmond upon Thames and London Borough of Wandsworth

Joint Assistant Director - Communities and Wellbeing

Babergh & Mid Suffolk
£75,000
Babergh and Mid Suffolk District Councils are at the forefront of joint working and are a progressive award-winning partnership Ipswich, Suffolk
Recuriter: Babergh & Mid Suffolk

Financial Case Management Officer

Telford & Wrekin Council
£22,627 - £24,491 per annum
The Financial Case Management Officer will sit within the Adult Social Care, Service Improvement & Efficiency service and will be responsible for... Telford, Shropshire
Recuriter: Telford & Wrekin Council

Social Worker - Family Support and Protection

Essex County Council
£32065 - £43839 per annum + + Free On-Site Parking % Local Gov Pension
This position is open to Newly Qualified Social Workers (NQSWs) and Experienced Social Workers. The starting salary for a NQSW is £28,592 per annum a England, Essex, Basildon
Recuriter: Essex County Council

Public Property

Latest issue - Public Property News

This issue of Public Property examines how how flexible workspaces can lead the way in regeneration for local authorities, Why local authority intervention is key to successful urban regeneration schemes and if the Government’s challenge of embracing beauty is an opportunity for communities.

The March issue also takes a closer look at Blackburn with Darwen Council's first digital health hub to help people gain control over health and care services.

Register for your free digital issue