Funding Glasgow City Council to settle a landmark equal pay dispute

Background

In 2019, Glasgow City Council ended a long-running dispute over equal pay, reaching an agreement to settle thousands of claims. However, the council needed to find a way to raise funds to make the payments.

Solution

We provided £285 million in long-term funding to Glasgow City Council to help it settle its equal pay liability. Our long-term financing is secured on an underlying property portfolio of 473 properties located in and around Glasgow. The portfolio includes a range of office assets and industrial estates, as well as strategic assets including the SEC Armadillo and City Halls - two historic landmark buildings that have been retained by Glasgow City Council for the benefit of the community.

Benefits

This project demonstrates the positive impact that can be delivered by a proactive local authority and long-term funding. With our backing, Glasgow City Council has successfully delivered on its promise to resolve the equal pay dispute, while also protecting its property assets, many of which it has owned since the mid-1900s. Estimates suggest that around 12,000 Glasgow city households will be positively affected by the settlement of the dispute.