Max Freed directs me towards an Estates Gazette article indicating that the strange life of local authority investment in commercial property fuelled by cheap loans from the Public Works Loan Board could be coming to an end. It’s also in the Times
Treasury and Department for Communities and Local Government officials are reviewing investments in land and buildings by local authorities, accumulated using low-cost loans provided by the Public Works Loans Board. Local authority spending on land and buildings more than doubled last year to £2.8bn from £1.2bn in 2015-16
As I’ve said in a few previous blogposts, it’s been the House of Commons Public Accounts Committee that first picked this up and the Financial Times have been reporting on the story for over a year. Let’ see what the budget actually does.