13 February 2018
Mid Suffolk and Babergh District Councils have set up a company (CIFCO Companies House no. 10814415) to invest £50 million (£25 million each) in commercial property.
In the last few months money has been invested in a retail outlet in Brentwood, a retail outlet in Peterborough and a car showroom in Milton Keynes. For details see the Companies House website: https://beta.companieshouse.gov.uk/company/10814415/filing-history
Mid Suffolk District Council originally agreed to borrow £25 million from the Public Works Loan Board. When the strategy for investing this money was being agreed none of it was proposed to be invested in Mid Suffolk. The Green Group of Councillors proposed that at least 50% of it be invested in Mid Suffolk. This was turned down. Not only is the Council's HQ outside the district but their property investments are too.
If the Council has money to invest, it should be investing it locally and also in housing. Central government has already raised concerns about this type of borrowing (Gov't response to consultation on new guidelines) (Times article:Sajid Javid's comments) and is introducing new guidelines in April.
Is Mid Suffolk trying to invest all its money before this April deadline?
In what way is the Council’s adopted Investment Strategy consistent with the Government ‘s
STATUTORY GUIDANCE ON LOCAL GOVERNMENT INVESTMENTS
(3rd edition) which takes effect on April 1st 2018?
In particular with reference to paragraphs 34-37
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Thursday 1st November - Cafe 52
- Mid Suffolk meetings generally held at Cafe 52, Crowe Street, Stowmarket, Suffolk, IP14 1DL
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