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The service that is public: Councils borrowing billions to relax and play the house market

The service that is public: Councils borrowing billions to relax and play the house market

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A few of the littlest councils in England have actually developed debts that are huge purchasing supermarkets, company areas and workplaces, tying the continuing future of their public solutions to your doubt regarding the home market.

Councils across England have actually lent massive amounts – in some instances roughly the same as ten times their yearly spending plans – to fund the acquisition of real-estate, our investigation has discovered.

The number of councils investing in property has doubled in the last two years. In past times monetary 12 months alone, councils spent an overall total of ВЈ1.8 billion on investment properties, a six-fold enhance. (more…)