What’s NEVER mentioned is this…
Wirral Council put itself into £295 million of LOBO loan debt in the early 2000s.
The guilty party was Finance Director Ian Coleman, who never faced accountability for his reckless conduct and was free to move onwards without any sanction.
In total, the debt (now £202 million) forms 12% per month of people’s Council tax payments going into the future. It is not being acknowledged, neither is it being renegotiated nor refinanced and it does not expire until the year 2078.
That’s 57 more years to pay at the exorbitant interest rates levied by foreign banks based in London, rather than the customary, far cheaper Public Loan Works Board channel.
The captured, compromised local news media outlets have now stopped writing about this.
Where are the investigative journalists? Do I have to do all this work myself? Signed … Paul Cardin. Wirralinittogether.blog. A concerned citizen.
Here are your links containing some of my research. There is a lot more.
A Public Interest Report on LOBO loans. What Should Have Occurred at Wirral Metropolitan Borough Council, But Never Did Due to Council “Auditors” Grant Thornton Being in Receipt of a Huge, Annual Stipend, Funded by Council Tax Payers