“Are council’s investments “legal and prudent” ? – Lib Dems

LIBERAL Democrat leader Cllr Bob Barr has raised concerns about Warrington Borough Council’s investment policy – and called for assurances that it is lawful and prudent.
Cllr Barr raises his concerns in a letter to council leader Cllr Russ Bowden and deputy leader Cllr Cathy Mitchell ahead of tonight’s meeting of the council’s cabinet when a number of major investments will be considered in private.
In the letter, Cllr Barr says: “At tonight’s cabinet you will be considering, mainly in private during Part 2, a number of major investments and financial transactions.
“May I bring to your attention a recent article from the Bureau of Investigative Journalists, about the concerns raised regarding the investment strategy of Spelthorne Council by their auditors.
“We have previously had explanations from Lynton Green about how Spelthorne’s situation differs from Warrington’s.
“However, given the impact on the national financial outlook of the Covid-19 crisis, the potentially increased risks Warrington now carries, and the financial state of some of Warrington’s lessees, would you please explain in Part 1 of the meeting how the investments proposed tonight are lawful and prudent. the cabinet, the council and the people of Warrington deserve nothing less.
“You will no doubt also be pointing out how excessive cuts to local authority funding by Conservative governments since 2015 have made our investment strategy necessary.”
The report from the independent Bureau of Investigative Journalists can be seen here:
https://www.thebureauinvestigates.com/stories/2020-10-09/spelthorne-spending-spree-likely-broke-the-law