The public service gamble: Councils borrowing billions to play the property market
COUNCILS across England have borrowed massive sums – in some cases the equivalent of ten times their annual budgets – to finance the purchase of real estate, our investigation has found.
A special report by The Bureau Investigates has detailed the number of councils investing in property over the last few years.
Experts warn that commercial property investments are volatile, and the fact that councils are financing them through borrowing makes them even riskier. If anything goes wrong, the consequences for taxpayers could be severe.
The full report is below. Is this happening in Thurrock? YT will be publishing a story on Wednesday afternoon that may throw light on this matter.