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.
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.
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.
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.