Some local authorities in England have invested significant public money in buying commercial property over the past three years with the aim of generating a financial return. Debt has increased for many of these authorities as a result, with a small group seeing significant increases in the amount they owe and the cost of repayment, according to the National Audit Office (NAO). The NAO estimates that authorities spent £6.6 billion on purchasing commercial property from 2016-17 to 2018-19 – 14.4 times more than in the preceding three years. Many authorities have borrowed to finance these purchases. The NAO estimates that…
Watchdog raises concerns at councils` commercial property investments
Watchdog raises concerns at councils` commercial property investments
