Walsall Council took out the loans with banks a decade ago when interests rates were significantly higher – and the rates have not been dropped.

The authority’s leader Councillor Mike Bird said staff were working to re-negotiate the deals.

Experts estimate the council, which is slashing jobs and cutting services to balance the books, could have saved £1 million a year taking the loans today, while base interest rates are at an historic low.

Reported by the Express and Star. You can read the full story here. 

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