Councils have been gambling with our money:
Futures Forum: UK public finance: councils building a credit bubble >>> >>> In October 2008, UK councils lost heavily from speculative investments. Could this happen again?
Including nearer at home:
Futures Forum: District Council local housing company >>> "the ‘huge risk’ in speculating on the property market"
The Chartered Insititute of Public Finance and Accounting is worried:
Statement from Rob Whiteman and Richard Paver | CIPFA
As reported widely:
Cipfa issues warning over commercial property investment | News | Local Government Chronicle
CIPFA to tighten prudential code as council commercial property investment accelerates | Room 151
CIPFA warns councils against exposing public money to risk in commercial property investment
CIPFA warns councils over serious commercial activity concerns | Public Finance
“CIPFA warns councils over serious commercial activity concerns” | East Devon Watch