- Tyne Tees
- 3 updates
Newcastle City Council is one of several local authorities that have invested in the payday loans company, Wonga, despite it campaigning against the company for years.
Local councils have invested nearly a quarter of a million pounds of their pension funds with the controversial company.
Newcastle's council leader has told Tyne Tees that he would be getting fund managers to review the portfolio.
But as Dan Ashby reports, it may not be that simple.
Newcastle City Council says that its pension fund does invest in the payday loan company Wonga, but it has no control over it.
It added that the council has voiced its dislike that the pension fund invests in companies which it believes 'harms the city'.