Council property company buys in Epsom and Luton

23 November 2020

Risk to residents increased despite commercial property turmoil

Mid Suffolk & Babergh councils have just announced further £10.5 million spent on the purchase of three more buildings outside the region.

Councillor John Matthissen, Green & Liberal Democrat group spokesperson on investments said:

“Most reasonable people would think that this is precisely the wrong time to risk further borrowing in this sector, particularly bearing in mind the fact that our current outgoings on CIFCO far exceed the predicted income upon which the decision to borrow was based.

“The commercial sector is about to go through the biggest shake up for generations, is this really the time to gamble public money?”

“The big anxiety is where administrative staff are going to be in weeks and months to come and what the split is going to be, between working in offices and from home,”

“We’d prefer to be propping up the NHS offices rather than something in the financial services sector, but once you’ve said that, that’s as much good as one can say about it. We are disappointed and just don’t think the public of Mid Suffolk should be exposed to what is inevitably a speculative investment.”

Councillor Sarah Mansel added:

In the District Elections of 2019 the public overwhelmingly voted to tame the Councils exposure to these kind of borrowing to engineer a return. It seems the local views are being ignored to carry on regardless, despite the opinion of the public and the needs of our communities.”

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