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National attention on local audit catastrophe :  we saw it coming – now action is needed
Posted inAudit and Accountability Citizen Auditors Citizen Debt Audit Current Events Projects

National attention on local audit catastrophe :  we saw it coming – now action is needed

 On 26th November, the Government’s spending watchdog, the National Audit Office (NAO), refused to sign off the Whole of Government Accounts - for the first time ever. Their press release…
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November 27, 2024
We’re looking for Data Entry Assistants
Posted inCitizen Debt Audit

We’re looking for Data Entry Assistants

We are currently recruiting for 2-5 data entry assistants for 3 days work at the end of March. Details of the job offer are below. Deadline for applications is noon…
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March 12, 2021
Guest blog: Austerity and Gateshead Council
Posted inCitizen Debt Audit

Guest blog: Austerity and Gateshead Council

The equivalent of 50% of our council tax is paid out in interest payments on debt owed to central government and banks. By Gateshead resident, Liz Moylett.
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February 13, 2020
MP and councillor letter on LOBO loans
Posted inCitizen Debt Audit

MP and councillor letter on LOBO loans

Introduction: This letter is intended to be circulated cross-party to MPs and throughout networks of local government councillors in England, Wales and Scotland in councils (at least 2o0) affected by…
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May 24, 2019
Posted inCitizen Debt Audit Publications

LOBO LOANS: a citizen audit of local authority debt

Over 200 councils across the country have taken out Lender Option Borrower Option (LOBO) loans. As a result, millions are flowing into the financial sector from austerity-ravaged local authorities. This…
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April 23, 2019
Seven councils sue Barclays over LOBO loans and LIBOR rigging
Posted inCitizen Debt Audit

Seven councils sue Barclays over LOBO loans and LIBOR rigging

Seven councils are suing Barclays over LOBO loans the bank sold them in years 2005 to 2008. The loans’ interest rates were pegged to LIBOR, a benchmark rate set by…
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February 11, 2019
Councils missing out on £16bn in interest savings by refinancing LOBO loans via Government
Posted inCitizen Debt Audit

Councils missing out on £16bn in interest savings by refinancing LOBO loans via Government

Earlier this month, Kent County Council and bankrupt Northamptonshire County Council announced they were refinancing LOBO loans taken out from state-owned RBS. Kent County Council refinanced LOBO loans worth £60m…
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November 27, 2018
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…
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October 31, 2018
Posted inCitizen Debt Audit Events

Launch event: A citizen’s audit of Newham’s bank debt

Join us for the launch of Research for Action’s report on the audit of Newham’s bank debt on 30 October. After a decade of cuts, public services are at a…
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October 10, 2018
Video: Experiences of Debt Audits in Europe since 2011
Posted inCitizen Debt Audit

Video: Experiences of Debt Audits in Europe since 2011

Ten years from the financial crisis, cuts and privatisation of public services have become the new normal. Yet public sector funds are often constrained by debt repayments that have priority…
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June 8, 2018

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