‘Opposition ‘scaremongering’ over £100m

CONSERVATIVES have hit back over opposition claims that plans to allow a gang of four to borrow £100 million is a mistake.

Cllr Charles Margetts, Deputy Executive Member for Finance, has called the Investment Strategy “sensible preparation” for the funding shortfall the Council will need to tackle in the years ahead.

He argued that the Strategy will enable the Council to maintain vital services for residents and continue to invest in the Borough’s future.

The £100 million will be invested in property and the quartet –three councillors and one council officer – can invest up to £20 million in individual transactions – £5million more than the council’s constitution currently allows. The power was granted at a meeting of Wokingham Borough Council on Thursday, November 23.

Cllr Margetts also challenged the Opposition to name the services they would cut or taxes and charges for residents they would increase if they refuse to support the Property Portfolio.

He said: “The Opposition have been scaremongering, but the reality is that the Council will be using external experts as well as in-house expertise to recommend and advise.

“Only in very exceptional circumstances will the delegated group of four be making the investment decision without prior Executive approval, and even then it will be reported back to Executive.

“The Investment Strategy is about paying for the things our residents most need and investing in our Borough, pure and simple.

“If the Opposition won’t invest in our services this way, then there are two choices: cut services, or excessively hike taxes and charges. Which would they choose?

“This Conservative Council is putting the things that matter to residents above petty politics, and is making sensible investments to continue to make this Borough a great place to live, work and do business.”