Council chiefs could be poised to gamble up to £30million
on the property market - to help make up for Government cuts. Devon County
Council’s senior councillors are being urged to gamble the cash on the rising
property market. The ruling executive will consider a report recommending they
sanction an investment in the Churches, Charities and Local Authorities)
Property Fund (CCLA) instead of bank deposits. The CCLA fund currently has
investments of over £300million, with over 100 local authority investors
including Plymouth City Council and four Devon town councils. A report to the
cabinet meeting points out the “risk” that property value could go down and
that with charges a 3% rise in the market would be required for the authority
to break even. Read more on the Plymouth Herald website.
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