Published: 21st Feb 2019

Somerset County Council has approved an investment plan as part of their next budget that could see £100m of capital funds invested into commercial assets Faced with a budget gap of £28m over the next three years, the authority says they need to ensure their future finances are ‘sustainable’ in the face of further cuts from central government. They say the strategy will now be developed, establishing criteria for selecting investments and processes for decision-making and appraising them. According to the council, options for investment include assets such as property and land, businesses and investment funds. David Fothergill, leader of the council said the way local authorities are funded is ‘fundamentally broken’. ‘Too much of this budget’s solutions have relied on one-off, unpredictable central government funding,’ he added. ‘But thanks to a lot of hard work we have seen great performance in key areas and can look to the future … (To read the full article, subscribe below)