WIRRAL'S Cabinet members have backed a 4.4% Council Tax rise – and a bid to become a municipal bank.
Under the scheme unveiled as part of last night's budget meeting, the council will investigate becoming a mortgage lender for residents who are being turned away by the big banks.
Labour Leader Steve Foulkes says that, with government permission, Wirral's expertise in running Merseyside Pension Fund could see them offer mortgages to residents currently being rejected by the newly-cautious banks.
He said: “We will be speaking to the other leaders of local authorities but also the possibility of doing it off our own bat.
“In difficult times, our stability and longevity would be a good bet for people and the people we take on would also be a good bet.
“If people in a Housing Market Renewal area said ‘We want to live here’, there's no reason why we could not be the lender.”
