25 November 2020
Councils’ speculative investment will be ended
Green and Liberal Democrat councillors at Mid Suffolk have welcomed the Government announcement that the Public Works Loan Board (PWLB) will no longer lend to councils buying investment properties.
Councillor John Matthissen said :
“The Government made clear its intentions over two years ago, (Feb 2018 see below) and again in launching a consultation on PWLB in May this year,( see below) and we particularly regret the very recent purchases by CIFCO despite these warnings and public opinion, putting a further £13million of council taxpayers’ money at risk. Green and Liberal Democrat councillors having opposed this venture from the outset and also pointed out Government intentions as they were made clear, it is disappointing that the two councils have pressed ahead with the second £50million loan, buying more than £20million of remote commercial buildings. As properties have declined in value CIFCO’s mounting losses are undermining the capital base of both district councils.”
Liberal Democrat councillor John Field added
“The CIFCO directors have talked about continuing their investment programme by seeking money from other lenders. They should note carefully the Government reasoning for stopping PWLB loans, clearly stated as the risk to local taxpayers.”
Both parties have urged that Cifco should be borrowing to build houses, especially for social rent, the most pressing need in the District.
Meetings & Events
Next meeting Thursday 27th May AGM 7.15 for 7.30pm on Zoom virtual meeting.
If you wish to receive an invite, please email john [a] suffolkgreenparty.org.uk
While the present crisis and lockdown persist, Mid Suffolk Green Party will be holding virtual meetings. Green News will be available by email, so if you wish to receive this, please send your email and postal addresses to john [a] suffolkgreenparty.org.uk
- Mid Suffolk meetings generally held at Cafe 52, Crowe Street, Stowmarket, Suffolk, IP14 1DL
- Meetings occasionally held in Woolpit, Eye, Walsham le Willows, Stowupland, Needham Market and other villages.
All Members and well-wishers welcome.