£53m commercial property investment plans 'reckless' and 'illegal' say Greens

Oxford's Green Councillors have labelled the budget proposals by Labour-run Oxford City Council to invest £53m in commercial property as reckless and potentially illegal and have asked the administration to think again about this risk to public funds.

Says Green Councillor, and former Lord Mayor, Craig Simmons, "This proposal in the published draft City Council budget to speculate £53m of public money on unspecified commercial property investments is nothing short of reckless and may even be illegal under newly issued Government guidance [1]. The Greens instead want this money to be invested in new renewable energy infrastructure which is less risky and will deliver environmental as well as financial benefits."

Cllr Simmons continues, "I am urging the Labour administration to 'think again' about their proposals. This should not be a party political issue: it is simply about good financial governance."

 

[1] https://www.lgcplus.com/finance/pwlb-rates-cut-as-ban-on-commercial-investments-comes-into-force-26-11-2020/

5th January 2021

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