THE `LET’S LOAN PUBLIC MONEY TO A BANK’ AWARD
Goes to…
SALFORD CITY COUNCIL
Again, there was only one winner in this section. Salford City Council over the last two years has lent around £868,000 of public money to the Higher Broughton Partnership, which is putting together the well expensive Broughton Green development. What nobody can explain (and we’ve tried, even under the Freedom of Information Act) is why Salford Council is making loans to the Partnership which includes as one of its main partners, the Royal Bank of Scotland.
Even the Audit Commission has had a go at Salford Council because the financial return on the development to the Royal Bank of Scotland “is high in relation to the risks borne”. They can say that again ! And the Commission had another go at the Council for its accounts (2005/6; 2006/7) where it referred to over half a million quid’s worth of the Partnership’s payment as a “deferred charge” and not a “loan”. The Council wasn’t trying to hide anything was it ?
|