Lewisham Labour Costing Every Resident over £700 a year in Debt Repayments.
Recent figures released by Debt Resistance UK, show that Lewisham Council owed £112,373,000 in lender option borrower option (LOBO) loans in 2014/15. This shocking amount of debt accounts for 30% of council tax income being used to pay back Labour’s poor financial management in Lewisham.
The debt Lewisham Labour have racked amounts to £710 per person per year. 33% of Council Tax paid by residents is for debt repayments, compared to an average of 23% across London.
The figures, which were revealed by the Lewisham Newshopper also show that Lewisham Council have nine LOBO loans which have a combined value of over £100 million, and, a further £80 million in public works loans.
Ross Archer, Conservative candidate for Lewisham mayor said "Labour are bankrupting our borough. Libraries and Youth Clubs are being shut down by Labour because taxpayers money is being spent on debt repayments not services. Yet despite these financial constraints, the council was paying its former Chief Executive more than the Prime Minister. They have cash for political gimmicks but not services".
Blackheath resident Nicola Peers added “I want my council tax to be used for services. Instead Labour have managed money badly and residents are left with the bill. Labour are complacent in Lewisham, it's time for change".