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24 Feb 21
The government is considering whether a “system leader” could oversee local government audit in the future, after it rejected the Redmond review’s proposal of a statutory body.
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23 Feb 21
Torbay Council has become the latest authority to shelve its planned commercial investment following PWLB rules changes – scrapping £68m of its planned programme.
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19 Feb 21
The value of two retail investment properties purchased by North Somerset Council has dropped by more than £26m in the three years since they were purchased due to Covid-19.
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11 Feb 21
Leicestershire County Council says it could raise £18m of revenue each year to fund services after agreeing an £89m expansion of its commercial property portfolio.
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4 Feb 21
West Berkshire Council is to shelve the uncompleted third of its £100m commercial investment plan following the introduction of new restrictions on borrowing from the Public Works Loan Board.
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22 Jan 21
MPs have warned that the financial sustainability of some local authorities presents a “significant risk” to the government's finances, and urged the swift implementation of the Redmond review into...
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19 Jan 21
Spelthorne Borough Council’s controversial commercial investment strategy has allowed it to propose council tax freezes next year despite Covid-19 disruption, according to its finance chief.
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15 Dec 20
Spelthorne Borough Council is budgeting for an increase in income from its commercial property portfolio during the current financial year, enabling it to underspend its budget by £1.5m.
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14 Dec 20
Local authorities could be required to provide central government with extra details on their commercial property portfolios, according to a senior official.
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23 Nov 20
The financial performance of London Borough of Croydon’s commercial companies and other ventures have consistently missed forecasts outlined in their business plans, according to a review.
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11 Nov 20
An investment strategy agreed by Cotswold District Council to borrow more than four times its annual budget has been labelled deeply concerning by its opposition leader.
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4 Nov 20
Thurrock Council has taken out a £125m loan with a maturity of just two years from the Public Works Loan Board.
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28 Oct 20
Councillors at Spelthorne Borough Council have voted to give themselves more control over the authority’s property investment decisions.
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16 Oct 20
Reading Borough Council is to its delay planned commercial investment strategy, valued at £180m over the next three years, due to the Covid-19 pandemic.
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9 Oct 20
Spelthorne Borough Council has denied that its property investment strategy is unlawful after reports that auditors have raised material concerns over some of its purchases.
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10 Sep 20
Rother District Council has approved plans to borrow £46m to build offices, in order to keep a business within the district.
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13 Jul 20
The government is “blind” to the extreme risks some councils have exposed themselves to through their commercial investments, a report by the Public Accounts Committee has claimed.
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14 May 20
The lifeline that commercial property investment offered many councils looks set to be cut in the face of a government clampdown on borrowing
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12 May 20
A small number of councils buying commercial property purely to make money should not result in a complete overhaul of CIPFA’s guidelines on investment, chief executive Rob Whiteman has told MPs.