Friday, 7 February 2014

Loss of £600,000 by Cornwall Council is a triumph?

The announcement by Cornwall Council that it has lost over £600,000 has been spun as a good news story by the administration.

This is now the end of a long running saga in which investments made by the old County Council and Restormel Borough Council went bad. The Council has taken a loss on capital of more than £600,000 and I am not sure what the calculation is for lost interest, if any.

Alex Folkes’ choice of  phrases such as 'I am delighted'  and  ‘good value for money for the council and our taxpayers’ in the context of the loss of over £600,000  is just a triumphant spin too far. 

We should bear this chastening experience in mind when we ask the government to give us more powers to spend taxpayers money.

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