It is welcome news that a parliamentary watchdog is to examine Shropshire Council’s £52m shopping centre purchase. This is part of a wider look at local council involvement in purchasing commercial property. The Public Accounts Committee will look at these purchases in May.
The purchase of these shopping centres represents a huge risk to Shropshire Council’s finances. Senior administration members seem to have forgotten it isn’t monopoly money they are playing with. Or indeed their own money. They are risking public money! The risks in the investment clearly outweighed the potential gain. More so when you consider the perilous state of their finances. More so given that more prudent investment strategies would give a better return.