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Property market dangerous for Isle of Wight Council

Friday, October 6, 2017 - 10:00

From Karen Terry, Niton
I would like to add my concerns about the decision taken by the IW Council to enter the commercial property market using taxpayers’ money.

In any times this would be risky but in today’s climate this is reckless.
Thousands of jobs have already been lost in the City and if Brexit does not go to plan, which I believe will be the case, there will be thousands of job losses all over the country.
I remember the Eighties when the news stated daily the number of new job losses.
What a strange country we live in where councils are free to borrow to gamble with taxpayers’ money, but not able to borrow to build social housing.
I note the decisions on purchase of properties will be made by John Metcalfe, Chris Ward and Stuart Hutchinson.
Would these people please inform the readers of the County Press of their experience in buying commercial property for investment purposes.
If this gamble proves to be disastrous, the IW will suffer greatly.
It has already suffered so much with the much-reduced grant from the Government.
No one will want to take their holidays on the Island.
It is already a very different place to the one it was ten years ago.

 


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