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Council to write off £2 4m in debt

Council to write off £2 4m in debt
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Council debt exposes taxpayers to excessive risk , say Lib Dems

Council can t say when it expects income from £30m investment

By Aran Dhillon, Local Democracy Reporter Warrington Town Hall TOWN Hall chiefs are unable to tell taxpayers when Warrington Borough Council can begin to expect receiving income from its £30 million Redwood Bank investment. As reported in September, auditor Grant Thornton found no ‘clear evidence’ that the council acted unlawfully in making the investment. In January 2017, the Labour-run authority controversially agreed to pay the money to buy a 33 per cent share in the bank. But the council failed to sign off its 2017-18 statement of accounts before the deadline of July 31 in 2018 due to a valid objection questioning whether the investment was legal.

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