The proxy war in Ukraine is heading to a denouement with the US and Russia dividing the spoils while the European powers stand bewildered by events they have been wilfully blind to, says KEVIN OVENDEN
Covid-19 crisis creates a compelling case to cancel local authority debt
Cancellation of councils’ debts would free up desperately needed resources amid this unprecedented pandemic, says MARTIN WICKS

TAKING on more debt is not the only way to create spending power. Debt cancellation, for instance the debt owed by local authorities to the Public Works Loans Board (PWLB), would provide a huge increase in spending power because they would no longer have to repay loans or interest charges.
Last year local authorities paid around £4.5 billion to the PWLB in loan repayments and interest charges.
Overall, local authorities have around £77bn in debt held with the PWLB.
More from this author

Labour’s about to shift cost of new housing onto tenants, writes MARTIN WICKS arguing instead for cancelling the councils' HRA debt

MARTIN WICKS argues that the government’s reduced discounts for council house purchases don’t go far enough, and we need to be calling for the complete abolition of this regressive Thatcherite policy

It’s high time for England to follow Scotland and Wales in ending the privatisation of collectively owned housing. MARTIN WICKS explains why

Local councils — some of which now need four times the normal funding — must have their debts waived by central government, argues MARTIN WICKS
Similar stories

Labour’s about to shift cost of new housing onto tenants, writes MARTIN WICKS arguing instead for cancelling the councils' HRA debt

As the massive debt burden continues to bite and the climate emergency worsens, the world’s developing countries must escape the abusive relationship of debt enslavement that is holding them back, says ROGER McKENZIE

MARTIN WICKS argues that the government’s reduced discounts for council house purchases don’t go far enough, and we need to be calling for the complete abolition of this regressive Thatcherite policy

In the first of two articles, ROBERT GRIFFITHS argues that despite a parliamentary majority, Labour’s timid Budget fails to seize a historic opportunity and lacks the ambition needed to address Britain’s deep social and economic crises