Loans | LocalGov

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.

How to tackle London’s housing crisis image

How to tackle London’s housing crisis

Piali Das Gupta, London Councils’ Strategy Director – London’s Future, looks at what the new government should do to solve the capital’s housing shortage.
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