On Monday 06 July, Channel 4 Dispatches will present the results of 12 months of Debt Resistance UK research – involving 300+ FOIA requests, sent to approximately 250 UK municipal governments, to quantify the true extent and additional costs of private bank debt being imposed on UK taxpayers. This is billions of pounds of risky bank lending to local authorities involving complex derivatives, that has gone on unregulated and unaudited by authorities, and unreported by the UK media.
We do not know the angle Channel 4 will choose to take so we are calling out for support so that the right message gets across by tweeting before and during the program. Below are some suggested tweets you can use.
DRUKs campaign is not an attack on Local Government, but an attempt to reclaim our democratic institutions and the common resources they manage from the powerful clutches of financial institutions.
Suggested tweets:
.@DebtResistUK #localgov debt audit research features on @C4Dispatches “How councils blow your millions” – Monday 8pm http://bit.ly/1NIPtAZ
Councils are borrowing from banks instead of the Govt Public Works Loan Board(PWLB) even if its more expensive for us http://bit.ly/LADA1
Taxpayer £ is being wasted & profits from lending are going to banks rather then recirculating into the public sector http://bit.ly/LADA1
.@DebtResistUK Research found contracts regarding #LOBO borrowing from private banks unavailable for public scrutiny. http://bit.ly/LADA1
#CAPITA are a parasitic outsourcing company & should not be advising #localgov while taking kickbacks on #LOBOs http://bit.ly/LADA3
#CAPITA, Tullet Prebon & ICAP skimming millions off #localgov & UK taxpayers with #LOBOs. Where was the regulator? http://bit.ly/LADA3
Banks are providing “teaser rate” loan contracts to public authorities called #LOBO loans that contain derivatives. http://bit.ly/LADA1
Local Authorities rely on private advisors CAPITA & ICAP to help manage, structure & broker their financial affairs. http://bit.ly/LADA1
With kickbacks paid on #LOBOs by banks & brokers to advisors, doubtful LOBOs were recommended with taxpayers in mind! http://bit.ly/LADA1
Local Authority finance is unregulated by the Financial Conduct Authority(FCA) & Prudential Regulatory Authority(PRA) http://bit.ly/LADA1
Auditing outsourced to bank auditors, the big4 accounting firms with #LocalGov Audit Commission closure in April 2015 http://bit.ly/LADA1
#Localgov should challenge @George_Osborne to lower the excessively high interest rates he set for the PWLB in 2010. http://bit.ly/LADA1
#Localgov should prioritise borrowing from the @hmtreasury PWLB instead of from profiteering private banks http://bit.ly/LADA1 #LOBOs
#Localgov must challenge conflicts of interest of private banks, brokers, advisors involved in mis-selling #LOBOs. http://bit.ly/LADA1
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