'Preston Bank': Have the shutters come down on the idea before it even opens its first branch?
Liverpool City Council and Wirral Council signed up to the project back in 2019, but Wirral withdrew a £5m commitment to the bank from its spending plans last December, while there is no mention of the scheme in Liverpool’s current capital investment programme which was approved in February.
Cllr Bailey said that Preston was searching for other possible sources of “external funding” - including from fellow councils - to enable the bank to open its doors, because the authority still believed it would bring “huge benefits” to the city, the county and the wider region. The proposed North West Mutual would offer accounts and loans only to residents and businesses based in the region
“[If so], why don’t they admit to it and we could use the money we were putting aside for the bank for other causes - or are they going to insist on [allocating] money in the capital programme to try to resurrect [the idea] with other councils? “The idea was a novel one, but as soon as we saw the confidential details, we knew that this was unlikely to be successful and [would] not bring in the benefits the Labour group was saying in public.
Labour cabinet member Freddie Bailey says the bank could bring"huge benefits" to Preston and Lancashire
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