1/ Re: Croydon Council sec 114 declaaration, this is the essential section of this July Public Accounts Committee report on councils' overdependence on commercial invesetments to make ends meet https://publications.parliament.uk/pa/cm5801/cmselect/cmpubacc/312/31206.htm#_idTextAnchor005
2/ The key point is that for years, despite warnings from the same committee, the govt actively encouraged councils to engage in these investments, because that was the only way they could provide services in the face of cuts.
3/ This will not be the last council, by any means, to declare effective bankruptcy because their investments have gone bad. Nor will Crodyon be the last where Tories blame councillors, incl their own, for what doing what they had to do to provide for their citizens.
4/ Labour needs to get on the front foot here. Councils had no choice by to take ever riskier decisions on investments, because the Tories were deliberately starving them of resource.
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