Income generation
Dawes renews commercialisation warnings
The Ministry of Housing, Communities and Local Government’s (MHCLG) top civil servant has renewed warnings about tougher Whitehall action to prevent risky commercial ventures by councils.
Council snaps up office block
South Somerset DC hopes to make a net initial yield of 7.27% after buying a 12-year-old four-story office block in Milton Keynes for £2.9m.
Profits hike for Telford & Wrekin-owned property firm
Telford & Wrekin Council’s wholly-owned housing provider Nuplace has announced a jump in profits of almost 50%.
Income generation project rakes in £5m
A project launched by Test Valley BC five years ago to combat a decline in Government grants has generated more than £5m for the authority.
Birmingham unveils plans to build thousands of homes in next decade
Birmingham City Council’s housebuilding company has announced plans to build almost 3,000 new homes by 2029.
Education enterprise to be formed by Redbridge
Redbridge LBC is to form a joint venture with schools in the borough in a bid to generate more income for the council.
'Dumb money' rejection as shopping centre purchases continue
Councils have rejected the idea that local authority investment in shopping centres is ‘dumb money’ as they continue to show an interest in purchases.
Council buys office to generate income
South Cambridgeshire DC has made a £13m investment in a high-quality office building to generate an initial net return of around 5.6%.
Bristol energy company labelled a 'waste of money'
Bristol City Council has sparked controversy by pressing ahead with further investment in its energy company.
Council snaps up Government building 300 miles away
East Hampshire DC has increased its property portfolio to more than £110m after buying a Government building more than 300 miles away in Sunderland.
Greenwich insources services from struggling companies
Greenwich LBC is to rein in operations at its two companies as they struggle to compete in the outsourcing sector.
Portsmouth to create development company
Senior councillors in Portsmouth are due to vote on proposals to establish an authority-owned development company.
NAO to probe council commercialisation
Local authority commercialisation will further come under the spotlight, with the National Audit Office (NAO) preparing to launch an inquiry.
Opposition members win vote to resurrect Victory Energy
Councillors have made a bid to rescue a council-owned energy company.
Spelthorne calls end to commercial investments
Spelthorne BC has announced an end to its controversial policy of commercial property investments.
EXCLUSIVE: Down to the core
Six out of 10 senior council figures admit their authority is now only delivering a basic core offer of service, The MJ and LGiU think-tank’s annual local government finance survey has revealed.
Auditor warning over Spelthorne spending
Auditor KPMG has warned of a ‘significant risk’ in the way Spelthorne BC controversially bought a BP business park for £385m.
EXCLUSIVE: LGA hit by unexpected £1m insurance bill
Smith Square faces an unexpected bill of up to £1m to cover the start-up costs of the insurance venture it has formed with 14 councils.
Government concern over investments focused on two or three councils
Marsham Street is ‘worried’ about ‘two or three’ councils’ commercial ventures, civil servants have said.
Ministers play down commercialisation 'crackdown'
Ministers have played down the prospect of a widespread crackdown on councils that borrow for commercial reasons.