Come and learn how you can take action on your council’s toxic bank loans with the help of our new database.
14 October 2021, 5-6pm
Hundreds of councils across the country are locked into expensive and risky loans called LOBO loans, paying high interest to banks while struggling to provide services for residents. It doesn’t have to be this way. Some councils are getting out of these toxic deals.
Research for Action has built a database that allows you to find out how bad your council’s LOBO debt is and what you can do about it.
This event is a practical session for anyone interested in taking action – you could be a concerned resident, councillor or journalist! No expertise in finance needed. Join this interactive session to learn more about LOBO loans and how to use the database.
What are LOBO loans?
LOBOs are expensive and high risk loans that have been described by financial experts as “lose-lose bets” with the banks. In 2015, more than 200 local authorities across the UK had LOBO loans totalling at least £12 bn. Since then, councils have successfully exited £1.4 bn worth of loans and another £3.4 bn have been transformed into fixed-rate loans.