Prof. John Clancy

We now know over the last 10 yrs Birmingham City Council Paid over £440 million to the West Midlands Pension Fund in 'deficit reduction payments' for a deficit which never existed. Blog + @dgbailey blogsfromtheblackstuff.com/bftbblog260218… Chief Commissioner Mcardle: take this seriously, &step up With investment returns back on this, it's £620 million.

The wrong £1.1B! Woeful WM Pension Fund attempts to promote £1.1B eventual investment in W.Midlands by some point in the 2030s; but instead underscores scandalous £1.1B paid in management expenses in last 10 yrs. Even eventual £1.1B is barely 5% of fund. blogsfromtheblackstuff.com/bftbblog260320

@KarlTurnerMP x.com/johnclancy/sta…

This is shocking. How much have we spaffed on legals and commissioners at £1000 per day?

@KarlTurnerMP x.com/johnclancy/sta…

@nipclaw x.com/johnclancy/sta…

Pension fund to invest £1.1bn in the West Midlands with mayor's support | TheBusinessDesk.com thebusinessdesk.com/westmidlands/n…

“Why are we harvesting capital from the West Midlands and exporting it abroad, while our own housing shortages intensify and our own infrastructure creaks?” Well put, @olleyatGRIT midlandsgrit.co.uk/p/500-billion-…

Mike Olley’s points particularly valid this morning. midlandsgrit.co.uk/p/500-billion-… Labour chose to divert real local-made wealth into The City, not into real investment everywhere in the UK. For the record, I’ve been a proud @Plaid_Cymru member since 2020! Roll on the Senedd elections.

Richard Tice announces creation of UK sovereign wealth fund from taxpayer assets in the £0.5Trillion Local Govt Pension Scheme. Quite right.....what we have been proposing for well over a decade at BlogsFromTheBlackstuff blogsfromtheblackstuff.com Make no mistake, Reform finally has an real economic policy, & unlike Labour, a growth strategy. It is actually an interventionist and quite leftie policy. I don't agree with all of it, but I do with most of it. Big moment. It also makes existing pensions safer. The UKLGPS is a chaotic, tottering, unsafe mess, fleecing the taxpayer. Local councils should never have been paying more than 10% employer contributions. It is perfectly sustainable at that level. It's high time it went. 60% + of people in the funds aren't even council workers now. It should be run by the state, for the benefit of the people of GB&NI, not cabals of local councillors who simply don't have a clue what they're doing. Labour missed their chance on this one. Here's what we advised last June:

@TiceRichard announces creation of UK sovereign wealth fund from the taxpayer assets in the £0.5Trillion Local Govt pension scheme. Quite right.....what we have been proposing for well over a decade. Make no mistake, Reform finally has an real economic policy, & unlike Labour, a growth strategy. It is actually an interventionist and quite leftie policy. I don't agree with all of it, but I do with most of it. Big moment. It also makes existing pensions safer. The UKLGPS is a chaotic, tottering, unsafe mess, fleecing the taxpayer. It's high time it went. 60% + of people in the funds aren't even council workers now. It should be run by the state, for the benefit of the people of GB&NI, not cabals of local councillors who simply don't have a clue what they're doing. Labour missed their chance on this one. x.com/johnclancy/sta…

Brum’s Chronicler-in-Chief Mike Olley’s latest GRIT column is (yet again) a must read: midlandsgrit.co.uk/p/the-621-mill…

New Blog from the Blackstuff - why making things still matters and what Britain needs to do next. @MakeUK_ @SMMT @CommonsBBCom @unitetheunion blogsfromtheblackstuff.com/bftbblog260219…

New Blog from the Blackstuff - why making things matters and what Britain needs to do next. ⁦@MakeUK_⁩ ⁦@MakeUKCampaigns⁩ ⁦@SMMT⁩ ⁦@unitetheunion⁩ ⁦@johnclancy⁩ blogsfromtheblackstuff.com/bftbblog260219…

We now know over the last 10 yrs Birmingham City Council Paid over £440 million to the West Midlands Pension Fund in 'deficit reduction payments' for a deficit which never existed. Blog + @dgbailey blogsfromtheblackstuff.com/bftbblog260218… Chief Commissioner Mcardle: take this seriously, &step up With investment returns back on this, it's £620 million.

@johnclancy This needs to come back NOW not over years. It should never have been paid in the first place. We’re not talking about the normal ‘surplus’ - these were completely unnecessary secondary contributions for an imaginary deficit. Bring it home. Show me the money!

“So, yes, we welcome the fact that we were right & the economically illiterate Chief Commissioner No. 1, Max Caller, has been found out to be very wrong indeed. And we do hate to say we told you so.” New Blog from the Blackstuff + @johnclancy blogsfromtheblackstuff.com/bftbblog260217…

The Wolverhampton Hoard: How local government pension funds hoard taxpayers' money, &refuse to give it back using a dodgy box of tricks: blogsfromtheblackstuff.com/bftbblog260217… The fund that broke Birmingham gives welcome £165m back, whilst hoarding £2.5B Birmingham surplus in its £11B hoard. Today's blog with @dgbailey

Last June we gave advice to Labour about the LGPS “…these funds can be returned to public ownership in their entirety in order to create UK sovereign wealth fund which invests solely in UK housing, UK infrastructure, & UK businesses.” blogsfromtheblackstuff.com/bftbblog250604… And Labour did pass.