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Hebburn Letter of Intrigue
Posted by Ken Wood on 20/2/2025, 12:31 pm
Hello everyone, just found this one one my searches through Facebook pages, hope you all have a read and indeed have or make lots of comments, or to ask questions, hope you enjoy this read, very intriguing. here is the read in case I i failed to post:
NO NEED TO WORRY ABOUT THE MILLIONS BORROWED, THOSE RESPONSIBLE WILL BE LONG GONE BEFORE IT'S PAID BACK! A little while ago Town Hall Mole published a series of posts about Labour run South Tyneside Council's irresponsible and reckless, sorry prudent borrowing and promised to bring you more details once the information in the Mole’s possession had been verified! This took longer than anticipated so apologies for the delay, but hey better late than never eh! Much to the annoyance of the spin doctors, liars and bullshit merchants busy preparing their speeches ahead of the annual budget setting meeting on 27th February, Town Hall Mole will be publishing a series posts which will reveal the true extent of the council's shocking levels of borrowing which goes back almost 2 decades and which sadly will take decades more to repay. If indeed it will ever be truly repaid without the need to borrow even more! Town Hall Mole will now take you back to 2006 when Paul Waggott was leader of South Tyneside Council and his 'able' deputy was a certain Iain Malcolm who even then was scheming, conniving, and plotting to stab his leader in the back so he could take over the reins of power when he fell from grace! Well thanks to ‘Tory’ Blair and his nemesis sorry Chancellor Gordon Brown the public purse was well and truly opened as a relaxation of the rules around public borrowing allowed councils to borrow pretty much whatever they wanted. Think kids in sweet shop oblivious to the long-term damage their gorging will have on their health and wellbeing and the pain and suffering that awaits them in the years to come! On 23rd January 2006 this cash hungry council signed up to 2 loans of 5 million pounds each to be repaid on 31st March 2046 and 31st March 2051. That’s right over 40 and 45 years at a fixed interest rate of 3.79% and 3.76% respectively. Oh, and it didn’t stop there! On 29th September 2006 the council took out 2 further loans of 5 million pounds each followed by yet another loan of 5 million pounds on 6th November 2006. These additional 3 the loans are to be repaid over 45 years; by 30th September and 31st December 2051 and 31st March 2052. The interest rate on these 3 loans is 3.75% In real terms this means that you, the long-suffering residents and your children and grandchildren are now committed to repaying more than 26 million pounds in interest payments alone! That's on top of the 25 million pounds the council borrowed making the total amount repayable on these 5 loans a whooping 51 million pounds + ! With ‘financially prudent and responsible’ borrowing like this it’s little wonder South Tyneside Council has one of the highest levels of debt per head of population in the UK. When you consider that most of those responsible will be long gone before the money needs to be repaid it's little wonder, that they think they’ve got away with it, that is until now! It's over to you folks, share this post far and wide so that those responsible for the shocking state of the council's finances have nowhere left to hide. More to follow! Like Comment Send
Councils should be run by qualified Business minded people. Many of them couldnt run their own business but they are allowed to run a Local Authority. Look at the many buildings that were built in our area in the 60s and no longer exist.Mistake after mistake & they get away with it.
A few years or more ago the last Leader of the Council Ian Malcolm was sacked and an investigation into his conduct began. I can't remember hearing what the result of it was.
As it is often said, Labour love spending or making other people’s money disappear. These new larger councils Rayner is planning, no one will ever be able to get in touch with them. It’s difficult to now. In my area no councillors have a voice mail or answer machine. The only time they are seen is voting day, when they beg for your vote. No labour councillor here, Lib Dem’s and the Greens who are destroying the City and area around it.
Rules! No Party Politics,swearing,derogatory remarks or we will delete. Anyone sharing our content on Face Book must credit 'Hebburn and our Neighbours'.
