District Council borrowing in order to hold onto its council housing

The shenanigans of the District Council when it comes to money is often reported on by this blog...

Whether about its 'investment' in highly speculative property markets:
Futures Forum: District Council's £20m investment fund: "Property investment brings with it the potential for significant risk if things go wrong."

Or about its 'savings' over its relocation project:
Futures Forum: Knowle relocation project: an overspend on loans

The Herald has just put together a story on how much the District Council is in debt: 
East Devon District Council's has £86.8 million in outstanding loans to pay | Honiton, Axminster and Seaton news - Midweek Herald

And as covered by the VGS:
District Council borrowing goes up by £3m - Vision Group for Sidmouth

However, as pointed out by Cllr Cathy Gardner, yes, the District Council has questions to answer - but actually a lot of the borrowing it to make sure it can keep its social housing, as reported on the VGS Facebook pages:
Vision Group for Sidmouth - Home | Facebook

And by the East Devon Watch: 

EAST DEVON ALLIANCE COUNCILLOR GARDNER CLARIFIES SIDMOUTH HERALD EDDC DEBT STORY

23 APR 2019

East Devon Alliance councillor Cathy Gardner has contacted EDW to clarify the story:

“To my knowledge (as a District Cllr), EDDC has over £80m in debt because it had to borrow money to hold on to its council housing when the conservative government were making councils sell it off. So this is debt for a good & bad reason!

I’m surprised that the ‘politically neutral’ press officers have not added this to their comment to the Herald. I’ve objected to the council proposing to borrow money to invest in commercial property (to generate income), something else forced on them by the conservative government cuts to council grants (now zero).

The relocation from the Knowle is another matter. If re-elected I will continue to push for transparency on costs and to see if any of the Conservative group can ever prove break even.”

East Devon Alliance Councillor Gardner clarifies Sidmouth Herald EDDC debt story | East Devon Watch
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