• Welcome to DOSBODS

    Please consider creating a free account to be able to access all the features of the DOSBODS community. It only takes 20 seconds!

Sign in to follow this  
sarahbell

Brexit bad for Oldham

Recommended Posts

http://www.theoldhamtimes.co.uk/news/16255219.considerable-risks-to-borough-after-brexit-says-oldham-council/

 

It states that volatility in the financial market is a key issue for the borough going forward as it could negatively impact the authority’s investmen

 

But town hall chiefs add it is issues of low skill levels, a decline in private sector investment and wage levels and "our own population’s inability to meet the skill demands of a modern labour market" that remain the main barriers to sustainable growth in Oldham.

Share this post


Link to post
Share on other sites

Don't tell me; yet another local authority that has mortgaged itself to the hilt to buy commercial property at the precise time that everyone else is getting out of it.

British Land (big investor in commercial property) peaked at 878 15 May 2015 and is now 686; and has spent time belwo 600.

I do not regard them as a "buy".

Share this post


Link to post
Share on other sites
Just now, Frank Hovis said:

Don't tell me; yet another local authority that has mortgaged itself to the hilt to buy commercial property at the precise time that everyone else is getting out of it.

British Land (big investor in commercial property) peaked at 878 15 May 2015 and is now 686; and has spent time belwo 600.

I do not regard them as a "buy".

Well there's some councillors listed as directors on various companies and mortgages/indentures about yes. Is that the sort of thing you mean?

Share this post


Link to post
Share on other sites
Posted (edited)
11 minutes ago, sarahbell said:

Well there's some councillors listed as directors on various companies and mortgages/indentures about yes. Is that the sort of thing you mean?

Yes.  They're all doing it; amazing really. In my memory local councils up and down the land have already been caught twice in these "you can't lose" schemes.

The first was derivatives in the early nineties, interest rate swaps in the main, which saw some councils lose an absolute fortune.  In one case - a small one is the Hebrides IIRC, it was the equivalent of decades of council tax.

The second was Icelandic banks into which they all piled their money and all lost.

This is the third wave of council stupidity and will end equally well.

Having worked in both public and private sector I can see why it happens repeatedly in the public sector - it's because the people at the very top - councillors or board members - are rank amateurs who want to see things happening and don't want to "miss the boat".  Even if they don't understand what the boat is.  As long as it's new and shiny and they can boast about it down the pub they're happy.

In the private sector the people at the top are professionals; it can still go wrong of course, as with Carillion, but they won't pursue out and out stupid schemes just because a rival is doing so.

 

Edit: most high profile example: Paul Flowers, Chairman of Co-Operative bank.  He was totally unqualified for teh role and had no real understanding of banking.

Edited by Frank Hovis

Share this post


Link to post
Share on other sites
5 minutes ago, Frank Hovis said:

Edit: most high profile example: Paul Flowers, Chairman of Co-Operative bank.  He was totally unqualified for teh role and had no real understanding of banking.


Yes that would not have been his specialised subject on mastermind.

Share this post


Link to post
Share on other sites
23 minutes ago, sarahbell said:

But town hall chiefs add it is issues of low skill levels, a decline in private sector investment and wage levels and "our own population’s inability to meet the skill demands of a modern labour market" that remain the main barriers to sustainable growth in Oldham.

So according to Oldhams own council it is unsustainable and full of people who cannot or will not earn enough to enable it.

Share this post


Link to post
Share on other sites
1 minute ago, Chewing Grass said:

So according to Oldhams own council it is unsustainable and full of people who cannot or will not earn enough to enable it.

https://www.manchestereveningnews.co.uk/business/business-news/online-retailer-shop-direct-pull-14517754

Shop Direct said its 18-month review found the three Greater Manchester centres had "limited accessibility, layout and loading restrictions, coupled with a lack of space".

Share this post


Link to post
Share on other sites
8 minutes ago, Chewing Grass said:

So according to Oldhams own council it is unsustainable and full of people who cannot or will not earn enough to enable it.

That sort of publcity will surely have employers queueing up to open offices and factories on those Oldham commercial sites upon which it has wasted council tax.

"Employers - come to Oldham' land of dreams, where the workers are unable to meet the skill demands of a modern labour market"

Oldham Council marketing slogan

Share this post


Link to post
Share on other sites
7 minutes ago, eight said:

Can't help feeling that Councils should be legally prevented from making speculative investments of any kind.

Unless the medium term goal of Parliament is to substantially reduce the number of councils by allowing them to get into financila difficulty and then having the weaker ones subsumed by stronger ones; this is already happening in the Social Housing sector with a lot of mergers happening.

Cornwall went unitary ten years ago; I keep hearing similar pushes within Devon and Somerset and I note that there is never any call for breaking up these big bodies.  Then when you have unitary Cornwall next to unitary Devon the next big step is unitary Devon and Cornwall and so it goes on.

In some respects it may be a good thing; on balance I think unitary Cornwall works better because the district councils were hugely variable in quality.
 

Quote

 

Cash-strapped Northamptonshire County Council should be scrapped, according to a government report.

The report, ordered by Local Government Secretary Sajid Javid, recommends "a new start" which is "best achieved by the creation of two new unitary councils".

Council leader Heather Smith resigned following the report's publication.

Northampton North MP Michael Ellis called the management of the authority a "national scandal".

He said he was "appalled" by the report, which "makes for chilling reading".

 

https://www.bbc.co.uk/news/uk-england-northamptonshire-40610349

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.