From the Financial Times:
Kent County Council has submitted plans to the government to pool resources from local government bodies around the country into a public sector savings bank.
A number of local authorities lost access to millions of pounds of their deposits in Icelandic banks, and councils are finding it increasingly difficult to obtain private backing for local projects.
The proposed bank would use the local councils’ pooled deposits to offset their savings against debts and offer a safe haven for local government funds to invest in local government schemes. The proposal follows on from Essex County Council’s plan to set up a bank to support lending to local businesses.
Good stuff.
Now support credit unions more, too.
And bring back mutual building societies, legally precluded from becoming anything else.
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