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  #1  
Old 11-11-2020, 06:48 PM
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Croydon Council

Breaking but no surprise sadly

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Old 11-11-2020, 06:59 PM
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Breaking but no surprise sadly

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A combination of severe Tory cuts from central funding and a council not prepared to let the poor and vulnerable suffer as otherwise would have been the case....I suggest. Plenty more Tory councils have busted before Croydon.
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Old 11-11-2020, 07:02 PM
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They couldn't run a piss up in a brewery. Its been coming a long time and they just haven't managed it.
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Old 11-11-2020, 07:03 PM
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Originally Posted by SE25 exile View Post
A combination of severe Tory cuts from central funding and a council not prepared to let the poor and vulnerable suffer as otherwise would have been the case....I suggest. Plenty more Tory councils have busted before Croydon.
You may wish to do some Googling on this.
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Old 11-11-2020, 07:04 PM
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Originally Posted by SE25 exile View Post
A combination of severe Tory cuts from central funding and a council not prepared to let the poor and vulnerable suffer as otherwise would have been the case....I suggest. Plenty more Tory councils have busted before Croydon.
I would not disagree. However there are questions to be asked about some what appear to be suspect construction deals.

Sadly whoever s to blame the vulnerable suffer.
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Old 11-11-2020, 07:06 PM
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It’s a shit show. No excuses from me.

I would simply say they’re not the first and I doubt they will be the last.
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Old 11-11-2020, 07:07 PM
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It’s a shit show. No excuses from me.

I would simply say they’re not the first and I doubt they will be the last.
They’re not. But this is on a par with Northampton for utter ineptitude.
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Old 11-11-2020, 07:08 PM
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Section 114, incoming I assume, really what tossers to do this to the council tax payers.

They'll end up being run by the home office.
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Old 11-11-2020, 07:10 PM
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Originally Posted by SE25 exile View Post
A combination of severe Tory cuts from central funding and a council not prepared to let the poor and vulnerable suffer as otherwise would have been the case....I suggest. Plenty more Tory councils have busted before Croydon.
Running up £1.5bn of debt to play games in the property market might not have been the wisest move.

Only one council – Tory-controlled Northamptonshire – has issued a section 114 notice in the past two decades.
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Old 11-11-2020, 07:19 PM
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This was discussed on a previous thread. Driver is the council believing they are Warren Buffett rather than a local councillor.
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Old 11-11-2020, 07:23 PM
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I thought some of those property deals offered worryingly low returns. To view the link you have to Register or Login
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Old 11-11-2020, 07:56 PM
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Originally Posted by SE25 exile View Post
A combination of severe Tory cuts from central funding and a council not prepared to let the poor and vulnerable suffer as otherwise would have been the case....I suggest. Plenty more Tory councils have busted before Croydon.
:ROFL
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Old 11-11-2020, 08:03 PM
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A combination of severe Tory cuts from central funding and a council not prepared to let the poor and vulnerable suffer as otherwise would have been the case....I suggest. Plenty more Tory councils have busted before Croydon.
Well that is a very interesting spin. You have mentioned the tories twice in your piece, without even saying once that this incompetent Council is run by Labour! You have failed to blame this poor administration which has been failing for a long time - do you live in Croydon as many of us do?
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  #14  
Old 11-11-2020, 08:09 PM
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Well that is a very interesting spin. You have mentioned the tories twice in your piece, without even saying once that this incompetent Council is run by Labour! You have failed to blame this poor administration which has been failing for a long time - do you live in Croydon as many of us do?
Speaking of spin, you in turn you have failed to mention the enormous cuts in funding from central government without mentioning that this incompetent government is run by the Conservatives.

Your approach will not get you very far. As usual.
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Old 11-11-2020, 08:23 PM
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Speaking of spin, you in turn you have failed to mention the enormous cuts in funding from central government without mentioning that this incompetent government is run by the Conservatives.

Your approach will not get you very far. As usual.
That's a bit harsh. Of course local government cuts by the coalition and successive Tory governments have far from helped. But sadly that highlights even more the stupidity or vanity of certain individuals within the current council administration who rather than proceed with frankly risky policies should have been focussing on the vulnerable residents of Croydon.

There are some fantastic Labour councillors in Croydon who over the years have done great work often not recognised. However a bit like Corbyn's influences those responsible for the mess seem to have been supported by a small but too influential group inside and outside the council.

The legal system should be allowed to take its course, but I hope the honest hardworking Labour councillors can be allowed to regroup and rebuild. Of course at the end if the day the voters of Croydon will have the final word.
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Old 11-11-2020, 08:25 PM
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People need to read the report in public interest released by the external auditors, the fact that this was released at all is very unusual.

This is not about party lines. The council invested in stuff that they have no idea about and the rotten culture meant that there was no challenge to leadership on these decisions. The independent report accused them of 'corporate blindness'.

People will make Tory versus Labour which is sad when it is really about the Borough that many of us were born in going bankrupt due to mis-management.
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Old 11-11-2020, 08:27 PM
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I thought some of those property deals offered worryingly low returns. To view the link you have to Register or Login
The returns don't look great but but with interest rates hovering above zero councils have had to look at other ways of investing their reserves (if they have any) to boost income to help pay for council services.

A number of councils have gone down the commercial property route although only a few of them appear to have borrowed money, admittedly at very cheap rates, to gear up and build large investment portfolios.

With councils fighting over sites many of them probably overpaid and face a double whammy of failing tenants and falling property prices.
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Old 11-11-2020, 08:28 PM
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Old 11-11-2020, 08:28 PM
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That's a bit harsh. Of course local government cuts by the coalition and successive Tory governments have far from helped. But sadly that highlights even more the stupidity or vanity of certain individuals within the current council administration who rather than proceed with frankly risky policies should have been focussing on the vulnerable residents of Croydon.

There are some fantastic Labour councillors in Croydon who over the years have done great work often not recognised. However a bit like Corbyn's influences those responsible for the mess seem to have been supported by a small but too influential group inside and outside the council.

The legal system should be allowed to take its course, but I hope the honest hardworking Labour councillors can be allowed to regroup and rebuild. Of course at the end if the day the voters of Croydon will have the final word.
I agree with you, other than the harsh bit.
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Old 11-11-2020, 08:34 PM
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The returns don't look great but but with interest rates hovering above zero councils have had to look at other ways of investing their reserves (if they have any) to boost income to help pay for council services.

A number of councils have gone down the commercial property route although only a few of them appear to have borrowed money, admittedly at very cheap rates, to gear up and build large investment portfolios.

With councils fighting over sites many of them probably overpaid and face a double whammy of failing tenants and falling property prices.
My local council has debt of £37m (of which £35m is pension liability). And £114m of reserves

They don’t seem to have a problem with reserves or services and have achieved this without investing in things the do not understand
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