Cornwall Council

Election 2017 Results

NOC NO CHANGE
Party Seats 2013 Seats 2017 Change

PartyConservative

Seats 201331 Seats 201746 Change+15

PartyLiberal Democrat

Seats 201335 Seats 201737 Change+2

PartyIndependent

Seats 201337 Seats 201730 Change−7

PartyLabour

Seats 20138 Seats 20175 Change−3

PartyMebyon Kernow

Seats 20134 Seats 20174 Change-

PartyUKIP

Seats 20136 Seats 2017- Change−6

PartyGreen

Seats 20131 Seats 2017- Change−1
Change compared with

Latest Updates

Cornwall Council paid £45m to escape loan deals

Richard Whitehouse

Local Democracy Reporting Service

Cornwall Council has been forced to pay a £45m penalty due to “serious failings” around the use of controversial loans, according to auditors.

A series of recommendations have been issued by the council's auditors in their annual audit letter.

Some of these relate to the council’s use of Lender Option Borrower Option (LOBO) loans, which were found to be a more expensive way of borrowing money.

In Cornwall, the council had two inverse LOBO loans worth £85m with the Royal Bank of Scotland which the council decided to repay early in January last year due to the high cost of the borrowing.

The council had to pay a premium, or penalty charge to exit the loans early of £45.2m.

The audit letter described "serious failings of governance at predecessor bodies a decade or more ago".

No statutory action is being taken due to the length of time since the LOBOs were issued, the fact they have been redeemed, and public awareness.

Cornwall Council was named as one of several councils in the country which had used LOBO loans and in particular inverse LOBOs where banks have an option to propose a rise in interest payments if general banking rates fall.

Local councils had been using the loans as a way of borrowing money but they were later found to be a more expensive way of borrowing money.

Cornwall Council considers £200,000-a-year newspaper

Richard Whitehouse

Local Democracy Reporting Service

New County Hall
BBC

Cornwall Council could spend £200,000 on printing a newspaper which would be delivered to every home in Cornwall to highlight its work.

A detailed report on the idea is being drawn up to be presented to the council’s customer and support services overview and scrutiny committee in January.

A report from Cornwall Council’s resident satisfaction working group said it had discussed the merits of a regular council newsletter and that officers had provided an estimate of £200,000 for a 44-page newsletter, with 280,000 copies printed twice a year and delivered to every home in Cornwall.

The report recognises the "significant cost at a time when the council is making savings" and acknowledges there are "environmental factors associated with a mass print run when the council is looking to reduce its paper and carbon footprint".

The report says, however, the newsletter "would give the council an opportunity to communicate directly with residents, provide comprehensive information about the wide range of services it provides and promote consultations and ways to engage".

Cornwall Council previously launched a similar publication after the creation of the unitary authority in 2009 but it was later discontinued.