Is your council wasting public money on its loans?

22 November, 2015

At the Jubilee Debt Campaign conference last weekend there was the usual range of interesting talks on international debt, government debt v personal debt etc.

But equally interesting and closer to home than many JDC campaigns, was a workshop on Local Authority debt. Councils, it seems, borrowed money at ridiculously high rates of interest (6%+ in some cases, out of a mixture of incompetence, lack of proper scrutiny – most councillors probably don’t fully understand what is going on –  and, possibly, corruption) – and so now councils are spending ridiculous amounts servicing those loans, while closing down libraries, care homes, delaying infrastructure projects etc. Anyone can see their Council’s audited end of year accounts and ask questions about them. See http://lada.debtresistance.uk/ for help if you are interested.

Lots of other things you could do on the Jubilee Debt Campaign website.