Glasgow Council approves remortgage deal to finance equal pay claims

Glasgow Council remortgage deal will finance equal pay claims

In order to finance a £548m equal pay settlement, Glasgow City Council will sell off its major venues to an arm's length body and then lease them back.

The deal agreed by councillors on Glasgow's City Administration Committee will transfer ownership of venues to City Property Glasgow Investments LLP (CPGI), a company owned by the council, which would pay for them by remortgaging them.

Glasgow City Council leader Susan Aitken told the BBC: "[the deal] finally delivers pay justice for thousands of women in our workforce".

Aitken added that the claims would start to be settled this summer, and that it "starts to put right a wrong that has damaged the council, its workforce and the city for too long".

The proposals will see the following venues transferred to the City Property portfolio and mortgaged:

Emirates Arena; Riverside Museum; SEC Armadillo; Scotstoun Leisure Centre; Tollcross International Swimming Centre; Glasgow Royal Concert Hall; Glasgow Museums Resource Centre; City Halls; Toryglen Football Centre; Gorbals Leisure Centre; Bellahouston Leisure Centre.

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