John Plender’s pieces at the FT seem to have at least caught the attention of the FT editors. There’s a new piece from them questioning the stability of funding local authority services on a real estate carry trade. Their conclusion is that
Local governments have long played the part of the “dumb money” in complex and ultimately doomed financial schemes. This familiar drama need not be replayed. The Treasury should put a stop to the local council credit bubble before it grows even larger.