28th Jan, 2022

EDITOR'S COMMENT: Lack of transparency on Coventry council investment overseas rings alarm bells

Editorial Correspondent 17th Nov, 2017 Updated: 17th Nov, 2017

COVENTRY council’s political leaders and unelected senior management are keen to get the best return on unallocated taxpayers’ money it ‘banks’.

That’s understandable, as they seek ways of paying for future council services with government funding rapidly disappearing.

Like many councils, it pools funds with other organisations to invest in international money markets to get bang for its buck.

Following our enquiries, finance officer Barry Hastie tells us it means “an effective ethical investment strategy is not practical”.

That rings alarm bells, as we reveal they don’t even know where the money is invested, by a third party.

Amid the Paradise Papers scandal, it needs more scrutiny and transparency.

Are you on Facebook?

Like or follow our Facebook page - facebook.com/CovObserver to get daily news updates straight to your news feed.

Reader Travel

Check out all of the latest reader travel offers to get your hands on some free gifts.

Property Finder 24/7

Search for properties in Worcestershire, Warwickshire and the West Midlands.

Business Directory

From plumbers, to restaurants, we can provide you with all the info you need.

Digital Advertising

Advertise on the Coventry Observer to boost your online presence.