A Channel 4 documentary How Councils Blow Your Millions, are claiming to have uncovered unknown deals between councils and banks that cost taxpayers millions.
Following parliamentary committee chairman Clive Betts calling for an inquiry into £15bn of risky bank loans taken out by councils across the country, Dispatches are estimating that banks made more than £1bn in upfront profits on local authority loans.
For the past three months, Channel 4 Dispatches has been investigating the books of town halls across the country.
Betts has also called for the Financial Conduct Authority to investigate the City firms that give specialist financial advice to town halls on their borrowing.
FCA? Well their predecessor – the FSA – got caught out with Icelandic Banks…….