To: Sir Robin Wales and Newham Labour councillors

Tell Newham Council: We want our money back from Barclays and RBS!

Tell Newham Council: We want our money back from Barclays and RBS!

Take the banks to court for mis-selling LOBO loans to Newham Council, just like we can do with PPI. Help reclaim millions for Newham's hard-hit public services.

Why is this important?

Did you know that the equivalent of 80% of your council tax goes on loan interest? Barclays and RBS sold Newham Council a bet on interest rates using loan deals called LOBOs - and they lost.
That means £50 million in interest a year which could be used for:
- Surestart centres
- Community centres
- Schools
- Street cleaners
- New council housing
...but instead that £50 million in interest is going to greedy banksters.
Our legal advisers say that Newham's mayor, Sir Robin Wales, could put a stop to all this by taking the banks to court for mis-selling, just like we can do with PPI. Help us get our money back from the banks by signing this petition!

London Borough of Newham

Reasons for signing

  • The banks must work for the country not just to make money for themselves without conscience or concern for society
  • Quite simply because this is not why we pay council tax. The council is accountable to its residents. When did they ask them about this? And why, oh why was it even necessary?
  • it will also bring into light the risks that the councils are taking with money collected. Does a council soliciting in betting sound like responsible one?

Updates

2016-07-12 10:03:22 +0100

Elisabeth here! Thanks all so much for signing & sharing. Last night I attended a full council meeting at which Cllr Fiaz tabled our petition so far. Unfortunately Cllr Hudson, who is the Cabinet member for finance, was not interested. You can read the full account in the Newham Recorder article here: http://www.newhamrecorder.co.uk/news/newham_council_rejects_call_for_further_action_against_banks_on_lobos_1_4612923
The next full council meeting is in September, and we're going to be stepping up the pressure before then so that Cllr Hudson has to listen to us! Please continue to share this petition - we need to show the council and the Mayor that we're not going away until they've made an effort to get our money back! Thank you!

2016-06-30 11:03:55 +0100

This is wonderful, folks! We have just passed 600 signatures and Elisabeth has just been interviewed by the Newham Recorder about this. Please keep sharing! I will post a link to the interview as soon as it is online.

2016-06-29 07:57:58 +0100

500 signatures reached

2016-06-28 14:56:11 +0100

100 signatures reached

2016-06-26 23:40:34 +0100

50 signatures reached

2016-06-25 22:29:21 +0100

25 signatures reached

2016-06-25 17:14:57 +0100

10 signatures reached