AS A COUNCILLOR

york-council-chamber b&W

#NoLOBOs is a campaign to reclaim local democracy from the financial sector. We welcome initiatives by Councillors to ensure Local Government operates transparently and in the public interest.

There are numerous cases around the world where Local Government has stood with the people against the criminal behaviour of banks. Our democratically elected UK bodies should demonstrate civic leadership by challenging criminal financial institutions when they break the laws and ‘mis-sell’ financial products to public institutions, businesses and the wider community.

If you are a local Councillor and would like to do more, please get in touch. We’d be happy to collaborate with you.

What you can already do as a Councillor:

  • Ask us to provide a workshop on LOBO loans to the Council
  • Put LOBO Loans on the Agenda of the next Council meeting
  • Investigate further your Local Council LOBO loans
  • Request a Public Interest Report
  • Request a declaration that LOBO loans are illegal from the High Court

What your Local Authorities can do (click on title for more):

Contest the legality of LOBO Loans

Challenge the conflict of interest of private institution (banks, brokers, advisors) involved in mis-selling LOBO Loans

Request appropriate regulation of Local Authority finance, improve transparency and accountability and demand truly independent scrutiny

Work towards new forms of Local Authority Finance that anchor wealth locally in communities

Prioritise borrowing from the PWLB instead of private institutions and ensure that the PWLB serves the interest of Local Authorities by keeping interest rate profit margins low

Useful Links
  1. 2014 – The Guardian – Local Government financial settlement will push Councils to breaking point