Skip to main content
Resident hits council with court notice on bad loans

AN EAST Londoner has served his council yesterday with a notice legally objecting to the authority’s “irrational” bank borrowing.

Angus McNelly requested a High Court declaration that the London Borough of Tower Hamlets went against constituents’ interests by taking £77.5 million in lender option, borrower option (Lobo) loans.

The loans were made by Barclays and RBS between August 2007 and September 2009 and under the Lobo lending agreement, interest rates can be raised by the bank at any point.

The 95th Anniversary Appeal
Support the Morning Star
You have reached the free limit.
Subscribe to continue reading.
Similar stories
I’ACCUSE...! A comment left among tributes close to Grenfell Tower in west London the day after a fire engulfed the 24-storey building
Features / 23 May 2026
23 May 2026

YVETTE WILLIAMS and JOE DELANEY dissect the institutional dawdling that rubbed salt into the Grenfell open wounds prolonging the agony of survivors

Coins in a Saltire purse
Features / 7 May 2026
7 May 2026

Years of underfunding are eroding Scotland’s local services and deepening inequality in communities, says VINCE MILLS

A view of the River Mersey and the city skyline, with the Royal Liver Building at centre, as the sun rises over Liverpool, October 2017
Austerity / 28 February 2026
28 February 2026

Liverpool Trades Council has unveiled a ‘People’s Budget’ to fight £56m cuts and council tax rises. DEAN YOUNG reports

Barclays, Sheffield
Britain / 20 October 2025
20 October 2025