Harlow Council detail loans given to troubled Thurrock Council
News / Fri 16th Sep 2022 am30 09:03am
HARLOW Council has given details regarding the loans they have given to troubled Thurrock Council.
Thurrock Council’s control of their finances has been taken over by Essex County Council after it had been revealed the vast majority of the council’s £1.32billion in short term loans has been borrowed from around 150 local authorities across the country, with limited public scrutiny.
Although, our sister paper, YourThurrock, has been covering this for a number of years, the most in-depth coverage is below.
It has become apparent that many councils around the country are due to have their loans repaid.
The leader of Thurrock Council has resigned
In May 2020, we asked Harlow Council if they had lent any money to Thurrock Council. Their reply is below.
We have subsequently asked them if they had made any further loans?
A spokesperson said: “A further three short-term loans to Thurrock were made through a broker and these complied with the council’s agreed treasury management strategy.
“The last of these investments matured in January 2021 and the council has not provided any further short-term loans to Thurrock Council since”
YH understands that all monies have been returned.
Stuff the loans sort our roads out first! Momples Road Please perhaps I could borrow some money on behalf of the council to resurface it then get the council to pay it back as it was meant for our town in the first place Joke im afraid!
WTF are we doing loaning money to other councils, why are people paying taxes if there is money to loan about. Another Labour great approach to government
Another great deal by the former Labour administration!
From reading this Harlow Council has not lost any money providing these loans. I noticed Cllr Simon Carter commented on the previous article and provided helpful info. Perhaps he may wish to explain the reduction by £342,000 of income from interest reported in papers to Cabinet on page 62. Also, the £3,160,000 net use of reserves. See document at https://moderngov.harlow.gov.uk/documents/g1485/Public%20reports%20pack%2022nd-Sep-2022%2020.00%20Cabinet.pdf?T=10
The leader of Thurrock Council has resigned before he got the sack sack !