Local Government: Investment

Department for Communities and Local Government written question – answered on 2nd August 2017.

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Photo of Lord Shipley Lord Shipley Liberal Democrat

Her Majesty's Government what assessment they have made of the scale of commercial property investment by some local authorities in recent years; and whether they plan to commission a risk analysis of the financial security of such investments in the event of a decline in property values or an upward trend in interest rates.

Photo of Lord Bourne of Aberystwyth Lord Bourne of Aberystwyth Parliamentary Under-Secretary (Northern Ireland Office), The Parliamentary Under-Secretary of State for Communities and Local Government

Over the past two years the scale and nature of commercial activity has increased significantly. When entering into borrowing or investment decisions, local authorities are required to have regard to a series of statutory codes. Officials have been monitoring developments in this area and are working with the sector to update the control framework with the aim of improving risk management and transparency of decision making.

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