Campaigners have called for Smith Square to investigate and pursue the brokers, banks and advisers ‘complicit in the misselling' controversial Lender Option Borrower Option (LOBO) loans.

A cross-party letter, signed by councillors including Northamptonshire CC's shadow cabinet member for finance Mick Scrimshaw and Labour group leader Bob Scott, criticises the £15bn of LOBO loans to 240 UK councils.