Jonathan Werran 11 September 2014

£13bn asset sales will help expand One Public Estate programme

£13bn asset sales will help expand One Public Estate programme image

Local government is likely to plough the bulk of £13bn capital asset receipts forecast over the next three years into innovative commercial investments, a senior productivity manager has advised.

The comments follow last week’s launch of the second wave of the One Public Estate initiative, which saw a further 20 local authorities join the collaborative pan-government property programme run in partnership with the Cabinet Office.

In its first wave, the OPE project has generated £88m in capital receipts, £21m projected savings and estimated £40m long-term economic benefits within the 12 local authority pilots.

Speaking at the launch, chair of the Local Government Association, Cllr David Sparks, said: ‘The Treasury predicts that more than £13bn pounds of local authority capital receipts will be raised from 2015-18.

‘With councils facing a £5.8bn pound shortfall by 2016, we can’t afford not to try new things to protect people’s services,’ Cllr Sparks added.

For the full version of this story please visit The MJ.

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