LOBO loans – an explainer
Posted inCitizen Debt Audit

LOBO loans – an explainer

Research for Action is developing a citizen debt audit in the London Borough of Newham, building on the investigation by Debt Resistance UK into bank lending to local authorities in the form of risky and expensive long-term loans called LOBOs. You can find out more about LOBOs from DRUK’s Local Authority Debt Audit website. Here are the basics. What is a LOBO loan?LOBO is a long-term loan, typically 40-70 years. The acronym stands for "Lender Option Borrower Option". The lender's (bank's) option is to change the interest rate at pre-agreed call dates (e.g. once or twice a year). The borrower... [continues]
Cuts and contempt – experiences of austerity and council democracy in Newham
Posted inCitizen Debt Audit Publications

Cuts and contempt – experiences of austerity and council democracy in Newham

This report was written by Research for Action to document residents’ lived experience of austerity in the London borough of Newham. It is part of evidence collection for a "citizen debt audit" that seeks to evaluate the social sustainability of Newham council’s borrowing from banks in the form of LOBO loans. The aim of a citizen debt audit is to improve the accountability of local government towards its residents in managing funds in the public interest. We hope to start a conversation about the legitimacy of the continued, ring-fenced expenditure towards the financial sector in the context of harsh austerity... [continues]
Report summary: Experiences of austerity and council democracy in Newham
Posted inCitizen Debt Audit

Report summary: Experiences of austerity and council democracy in Newham

Research for Action is collecting evidence of Newham residents' experiences of cuts to services as part of our citizen debt audit. The aim of the project is to start a conversation about the legitimacy of the continued, ring-fenced expenditure to financial sector in the context of cuts in services in one of the most deprived areas in England. 43 per cent of children in Newham grow up in poverty. Yet since 2010, the council has cut spending on services by nearly a third. For this study, we asked 51 Newham residents about their experiences interacting with a range of council... [continues]
The battle for answers from the Royal Borough of Kensington and Chelsea
Posted inGrenfell Tower

The battle for answers from the Royal Borough of Kensington and Chelsea

The aftermath of the Grenfell Tower fire has been widely characterised by mistrust in the official processes. Nine months from the fire, the local community is still waiting for answers regarding who held responsibility for the decisions that led to the loss of 71 lives. Hoping to help uncover answers to some of the wider questions around council housing that have been left outside the official inquiry into the fire, Research for Action has been using the Freedom of Information Act (FOIA) to obtain information from the Royal Borough of Kensington and Chelsea (RBKC). In August and September, we requested... [continues]