Published: 13th Jan 2020

West Berkshire Council may revise plans to invest £100m in commercial property, following the publication of new guidance for local authorities and interest rate rises. The council’s overview and scrutiny committee is due to meet tomorrow (January 14) to discuss a report on whether to continue with its current property investment strategy. The report states that the current strategy has a capital budget of £100m, of which £62.6m has already been spent on commercial property. It adds that this investment has brought net income of circa £1.153m in the current financial year. But the report also states that following the increase in Public Works Loan Board (PWLB) interest rates last year and new guidance from the Chartered Institute of Public Finance and Accountancy (CIPFA), consideration needs to be given ‘to any further progression’. ‘With recent changes in CIPFA guidance and increases in PWLB borrowing rate, this will impact the future … (To read the full article, subscribe below)