Birmingham City Council leader Mike Whitby has
called for a municipal bank for the city, which could support
distressed businesses through sale-and-leaseback schemes, reported
the Birmingham Post.
called for a municipal bank for the city, which could support
distressed businesses through sale-and-leaseback schemes, reported
the Birmingham Post.
The scheme, which would be the first of its
kind in the UK, would see the council-run bank buy buildings and
assets from troubled firms, then lease them back over fixed
terms.
kind in the UK, would see the council-run bank buy buildings and
assets from troubled firms, then lease them back over fixed
terms.
Whitby’s plan has already come under fire,
however, with a scrutiny review group raising questions about
competition law, development timescale and the necessity of an Act
of Parliament to allow the scheme to proceed.
however, with a scrutiny review group raising questions about
competition law, development timescale and the necessity of an Act
of Parliament to allow the scheme to proceed.
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