Posted inCitizen Debt Audit Publications

Debt and Democracy In Newham – A Citizen Audit of LOBO Debt

The east London borough of Newham has the most bank debt in the form of LOBO loans of any local authority in the UK. Even in austerity conditions, the council is forced to make extortionate interest payments to the same banks responsible for the 2008 crisis. Through data analysis and investigation as well as interviews with residents, charity workers and campaigners, Research for Action has put together a picture of this hidden debt crisis. Our report ‘Debt & Democracy in Newham: A citizen audit of LOBO loans’ presents details of Newham Council's LOBO loan debt and assesses its legitimacy in... [continues]
10 Reasons Newham Council is the UK’s ‘Debt Capital’
Posted inCitizen Debt Audit

10 Reasons Newham Council is the UK’s ‘Debt Capital’

On Tuesday 07 November, Newham Mayor Sir Robin Wales was questioned by BBC London about the Borough’s ranking as a household debt hotspot - labelled the “UK's debt capital.” Sir Robin Wales attempted to explain away Newham’s shocking debt position as a natural consequence of the decline of the Newham Docklands, which hit working class communities in London’s East End particularly hard from the 1960s. But are there other causes that link back to Newham Council's economic, social and welfare priorities - such as chronic under-investment in social housing, low wages and a history of support for gambling - causing... [continues]
Why is The FCA Incapable of Protecting Small Business?
Posted inRBS - GRG

Why is The FCA Incapable of Protecting Small Business?

Andrew Bailey, CEO of the Financial Conduct Authority (FCA), fronts the Treasury Select Committee (TSC) 10am on Tuesday to account for the City regulator's recent performance. Top of the list of questions for TSC MPs will undoubtedly be the RBS Global Restructuring Group (GRG) scandal, including how the financial regulator has dealt with GRG victims complaints and the delayed RBS GRG s166 report, first commissioned in 2014. An initial summary report, ignoring senior RBS managers' roles, was released last week. The MPs ought to ask Andrew Bailey more fundamental questions. Why is the FCA’s Head of Retail Banking Supervision informing... [continues]
Grenfell Tower and RBKC – victims of austerity? or exponents of shock doctrine?
Posted inGrenfell Tower

Grenfell Tower and RBKC – victims of austerity? or exponents of shock doctrine?

Since 2010, when George Osborne introduced his program of savage 40% cuts to council funding ("austerity"), many councils facing budgetary and cost cutting pressures have peddled the line that due to the severity of the cuts - they have to make "tough choices" in deciding which services to protect, and which to cut. Councils, on average, receive around 75% of funding from Central Government, and only generate around 25% locally through council tax and business rates. Whilst Councils have no say over the rates of Central Government grant funding, set each year by the Treasury, councils do directly control the rates... [continues]