Birmingham is being crippled by a mountain of debt and punitive interest payments on loans from the Government.
Every year, tens of millions of pounds are drained away from vital services such as libraries, street cleaning, homelessness support, and care for the elderly just to service interest charges from the Public Works Loan Board, which charges a margin of 100 basis points above its own borrowing costs.
This is money that should be fixing potholes, keeping our city safe, and protecting the most vulnerable. Instead, it is vanishing into a black hole of unsustainable borrowing costs.
Now is the time to act.
We have written urging the Government to step in and waive the profit on payments servicing Birmingham City Council’s debt, so that money can go back into frontline services instead of being swallowed by financial mismanagement. We're also launching the petition below so you can add your voice to the calls to waive the interest payments.
Families, pensioners, and local communities are currently being punished for the mistakes made by those in charge. This is not about politics. It’s about fairness.
