William Eichler 21 September 2023

Cash-strapped councils forced to sell £15bn of assets

Cash-strapped councils forced to sell £15bn of assets image
Image: Richard OD / Shutterstock.com.

An estimated 75,000 public assets worth £15bn have been sold by cash-strapped English councils since 2010, according to the Institute for Public Policy Research (IPPR).

A new study published today by the think tank draws on local government data and statistics from a Freedom of Information request to highlight the loss of public assets over the last 13 years.

On average more than 6,000 council assets worth around £1.2bn annually have been sold every year since 2010 due in large part to the Government’s policy of austerity.

Only 2,500 assets came newly into community ownership since 2010, according to IPPR. The same number of council-owned buildings and assets are will also be at risk in the next five years.

The report follows news that Birmingham City Council will sell further assets to attempt to improve its financial position after declaring effective bankruptcy.

Director of IPPR North Zoë Billingham said: ‘People have lost far too much over the last 13 years. Communities have lost billions worth of public land and buildings in their areas, local safety nets are crumbling all whilst government plays fast and loose with major regional infrastructure projects.

‘People want and deserve better than this. They want functioning public services, to receive a fair share of investment and to restore pride in their places. Regional rebalancing must be reprioritised by central government and through support of regional leaders who continue to champion the agenda locally.’

If this article was of interest, then check out our feature, 'Preventing future Section 114 notices'.

What’s happening inside the LGPS? image

What’s happening inside the LGPS?

Get the most informed take on the challenges and opportunities that substantial reform will bring at this year’s PLSA Local Authority Conference.
SIGN UP
For your free daily news bulletin
Highways jobs

Senior Project Manager (Regeneration)

West Yorkshire Combined Authority
£49,359 to £56,057 per annum (pay award pending) – Grade 9
With ambitious goals ahead, we need dedicated individuals who are ready to make a real impact as part of our expanding Housing team Leeds / Hybrid
Recuriter: West Yorkshire Combined Authority

Information Governance Officer

Essex County Council
£28349.00 - £33351.00 per annum + pension
Information Governance OfficerPermanent, Full Time£28,349 to £33,351 per annumLocation
Recuriter: Essex County Council

Information Governance Officer

Essex County Council
£28349.00 - £33351.00 per annum + pension
Information Governance OfficerFixed Term, Full Time£28,349 to £33,351 per annumLocation
Recuriter: Essex County Council

HR Advisor - Pay & Policy (Career Grade)

Wakefield Council
Grade 9 - Grade 10, Career Grade, 24 hours, Permanent
Are you ready to make a difference and shape policies that foster a high performing and inclusive workplace? Wakefield, West Yorkshire
Recuriter: Wakefield Council

Leisure Support Assistant

Wakefield Council
£12,013.50 - £12,202.00, Grade 3, 18.5 hours, Permanent
Are You Ready to Make a Difference in Your Community? Wakefield, West Yorkshire
Recuriter: Wakefield Council
Linkedin Banner