Published: 5th Jun 2020

Lichfield District Council has decided not to proceed with its plan to invest in commercial property to generate income. The local authority said it has made the decision following changes to borrowing rates and advice from the Chartered Institute of Public Finance and Accountancy (CIPFA). But the council said is still going ahead with establishing a housing property company – Lichfield Housing Limited – to invest in residential property, which is expected to give a return of £900,000 over five years. A report by the National Audit Office, which was published in February, revealed that councils in England spent £6.6bn on property investments between 2016 and 2019. But there has been speculation in recent months that some councils, which have heavily invested in commercial property may be hit by the economic downturn caused by the coronavirus pandemic. There have also been reports that the Treasury is planning to clamp down … (To read the full article, subscribe below)