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Predatory finance deals locked councils into extortionate £15 Billion loan deals  - Vid

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Britain’s Casino Councils: Conflicts of interest at the heart of local government

https://www.rt.com/shows/renegade-inc/441916-britain-public-councils-finances/

Quote

It’s no secret that councils and local authorities are pushed to the brink. But what if it’s not just the austerity drive that has compromised our councils? Predatory finance deals and dubious middle men have locked local councils into extortionate loan deals – siphoning money from our vital services into the pockets of the big banks and their brokers.

Ross Ashcroft is joined by journalist and campaigner Joel Benjamin and the former trader at Barclays Capital Rob Carver to shine a light on the murky world of private banks lending significant sums to public councils.

 

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Im a regular Renagade inc viewer and two things stood out:

1. The brokers act in the interest of the lender (their funder) not the borrower (their customer). An endemic brokerage problem, which appears worse at this level than 'bias' say on web comparison sites.

2. The central governments reluctance to borrow on councils behalf via 'public works loans' as this would appear on government accounts while that same government went on its own debt binge (mentioning no names Mr Brown...) so maybe unfair to solely blame council leaders.

Edited by nightowl

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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