Loans | LocalGov

Wealth fund backs social housing retrofit loans

03/03/2025

The National Wealth Fund (NWF) has announced plans to guarantee £250m of loans to housing associations to support the retrofitting of social housing.

Brighton to take on £51m debt from i360 tower

27/01/2025

Brighton and Hove City Council has agreed to take on £51m of debt from the i360 tower after the firm behind the attraction went into administration.

UK Infrastructure Bank agrees £17m loan for council’s net zero projects

14/08/2024

The UK Infrastructure Bank has announced a £17m loan facility to West Suffolk Council to deliver a programme of net zero projects.

Isle of Wight debt accounts for 42% of annual budget

30/01/2024

Isle of Wight Council has insisted it borrows to invest in essential projects after revealing its debt amounts to 42% of the authority’s annual budget.

Plymouth reaches impasse with auditor

30/08/2023

Auditors could issue a qualified opinion on Plymouth City Council’s accounts after questioning its methods to pay off a multi-million pound pension deficit.

Coventry City Council £1m loan at risk after culture trust goes bust

01/03/2023

A trust set up to promote culture in Coventry after the city's year as City of Culture in 2021 has gone into administration putting a £1m council loan at risk.

Woking Borough Council warns of possible S114

22/02/2023

Woking Borough Council has warned that it is ‘in the territory’ of effective bankruptcy as it struggles with over £2bn of debt.

Brighton grapples with £44m 'high risk' loan

10/02/2023

Brighton & Hove City Council will have to put aside millions of pounds every year to cover a £44m loan labelled ‘high risk’ by auditors.

MPs warn of ‘eye-watering’ levels of fraud in COVID scheme

27/04/2022

The Government is ‘complacent’ about preventing ‘eye-watering’ levels of fraud in the COVID Bounceback Loan Scheme (CBLS), new report by the PAC concludes.

London borough settles LOBO loan dispute

21/02/2022

Newham Council has reached a multimillion pound deal with Barclays Bank to settle its long-running Lender Option Borrower Option (LOBO) loan dispute.

Liverpool Council refinances £65m LOBO loan

02/12/2021

Liverpool City Council has completed a debt refinancing deal in a move that will save £15.8m.

Developers offered loans to build new schools

10/10/2019

Housing developers will be given loans from the Government to build new schools before new properties are finished.

Government announces £155m of loans to build housing

25/06/2019

Loans worth £155m have been announced to create 660 new homes in Wimbledon and Southampton.

Councils urged to work with credit unions to prevent homelessness

17/06/2019

Councils could save millions of pounds by partnering with credit unions to offer interest free loans to families at risk of eviction, a new study has found.

Council to save £143m after ending LOBO loan

07/05/2019

Newham Council is set to £143m after successfully terminating its Lender Option Borrower Option (LOBO) loans with NatWest bank.

Whitehall lends partnership over £7m for Birmingham development

21/03/2019

The Government has agreed to a £7.45m loan in order to kick start the development of a brownfield site in Birmingham city centre.

Leicestershire CC recovers £5m loan from struggling Northants

03/01/2019

Leicestershire County Council has recovered its £5m loan to cash-strapped Northamptonshire after concerns the latter would not be able to repay the money.

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

29/11/2018

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

Kent CC pays back LOBO loan early

02/11/2018

Kent County Council has reached an agreement with Royal Bank of Scotland to pay back its LOBO loan debt early.

Kensington and Chelsea credit union ‘goes bust’

10/10/2018

A credit union in Kensington and Chelsea which included several former residents of Grenfell Tower has gone bust.

Council takes football club to court over £80,000 loan disagreement

07/09/2018

A council has launched legal action against a football club over money for a new stand which it says should have been repaid.

Council to approve accounts after LOBO loan delay

24/08/2018

Lancashire County Council’s accounts are set to be approved after a temporary delay caused by a complex £50m loan deal.

Councils sue Barclays over controversial LOBO loans

16/07/2018

Barclays are being sued by 14 local authorities over allegations it committed fraud over loans to councils.

i360 asks to delay loan repayments to council

07/06/2018

The i360, Brighton’s seafront observation tower, has asked Brighton & Hove City Council if it can reduce its loan repayments.

Homes England loans £22.4m to build Cambridge homes

01/06/2018

The Government today announced a new multi-million pound deal that will deliver 1,300 homes for Cambridge.

Blackpool considers lending £27.1m to NHS Trust

16/05/2018

Blackpool Council has proposed loaning a local NHS trust over £27m to help the health body invest in frontline services.

Campaigners call for inquiry into councils' 'toxic' loans

25/09/2017

Residents have raised objections against risky high-interest loans in 46 local authorities, campaigners have revealed.

Council in row with cancer drugs firm

26/05/2017

Liverpool City Council has appointed administrators to a pharmaceutical company which was loaned £2m by the authority.

Council to save £94m after axing high interest loans

28/02/2017

Newham Council has struck a deal to scrap its lender option borrower option (LOBO) loans and switch to normal fixed rate borrowing in a move that will save up to £94m.

Audit of Northampton Town loan to be revealed by council

18/11/2016

Northampton BC has announced that it will receive a report from auditors PWC into a loan to Northampton Town Football Club at a special meeting next Monday.

Councils should provide alternative to payday lenders

12/09/2016

Local authorities should provide alternatives to payday lenders through credit unions, according to a new report.

Barclays first bank to scrap LOBO loans

01/09/2016

Barclays has become the first bank to scrap high interest Lender Option, Borrower Option (LOBO) loans for councils.

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