Thurrock council, found to have recklessly put hundreds of millions of pounds into commercial investments
And the other recently bankrupt councils, Croydon being one I know of and also possibly Lewisham(?).
But here’s the thing, afaik, those councils were encouraged to make those investments by central government. They may even have been heavily pressured to do so.
Whether there was pressure for any particular investments, I can’t easily tell. But I’m fairly certain that if you suggest to local authority administrators who have as much knowledge as anyone else about it, ie fuck all, that to increase your budget you should invest it, they will make terrible investments and it will end in tears.
I always start with the default that it’s government corruption first. If others know more I’m happy to hear it, but .gov are guilty until proven innocent.
But here’s the thing, afaik, those councils were encouraged to make those investments by central government. They may even have been heavily pressured to do so.
Whether there was pressure for any particular investments, I can’t easily tell. But I’m fairly certain that if you suggest to local authority administrators who have as much knowledge as anyone else about it, ie fuck all, that to increase your budget you should invest it, they will make terrible investments and it will end in tears.
And this makes everything even more depressing. Why are people who don’t understand investments investing so recklessly with our money? I just want decent boring bog standard council services to run well and efficiently.
Sorry, depressing. Because my answer isn’t going to alleviate that feeling. As a victim of depression myself, I wouldn’t want to increase that in someone else.
Yes, this is the thing Manny fails to understand. While local government behaves a certain way, often it is dictated by policy from the government in Westminster, such that if they didn’t behave that way they wouldn’t get the meager funding they do have.
I’m sure Bristol council are corrupt, but not much more so than others. Meanwhile, the biggest corruption comes from Westminster.
But hey, Bristol aren’t Tory, so Manny will criticise them first.
And the other recently bankrupt councils, Croydon being one I know of and also possibly Lewisham(?).
But here’s the thing, afaik, those councils were encouraged to make those investments by central government. They may even have been heavily pressured to do so.
Whether there was pressure for any particular investments, I can’t easily tell. But I’m fairly certain that if you suggest to local authority administrators who have as much knowledge as anyone else about it, ie fuck all, that to increase your budget you should invest it, they will make terrible investments and it will end in tears.
I always start with the default that it’s government corruption first. If others know more I’m happy to hear it, but .gov are guilty until proven innocent.
@ianovic69 @mannycalavera
Really not surprising at all tbh.
I am currently reading ‘How Westminster Works’ & it’s nothing short of eye opening of the ineptness of all the politicians and the current system.
I highly recommend it.
https://amzn.eu/d/hoG0M0F
#reading #books #politics #westminster #govuk
Nice 👍 I’ll give them a read.
Thanks, I’ll put it on my list.
Incidentally, I’d like to highlight the interaction here between Lemmy and Mastodon.
Long live the Fediverse!
And this makes everything even more depressing. Why are people who don’t understand investments investing so recklessly with our money? I just want decent boring bog standard council services to run well and efficiently.
As you mentioned the d word, I’ll check whether that question is rhetorical?
Decent?
Sorry, depressing. Because my answer isn’t going to alleviate that feeling. As a victim of depression myself, I wouldn’t want to increase that in someone else.
Yes, this is the thing Manny fails to understand. While local government behaves a certain way, often it is dictated by policy from the government in Westminster, such that if they didn’t behave that way they wouldn’t get the meager funding they do have.
I’m sure Bristol council are corrupt, but not much more so than others. Meanwhile, the biggest corruption comes from Westminster.
But hey, Bristol aren’t Tory, so Manny will criticise them first.
Sack the fucking lot of them, I say.