RBS to wind down £1bn worth of contentious local council loans

Campaigners say early repayment of lobo loans will end up saving taxpayers £16bn

Royal Bank of Scotland is aiming to wind down the remainder of about £1bn in controversial bank loans held by local authorities across the country, after criticisms that high payments have diverted cash from council services.

Campaigners have welcomed the move, which followed similar efforts made by Barclays in 2016 and comes as both lenders face a string of lawsuits.

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