It’s time to stop the risky investment strategy after the failure of Together Energy

AS many feared and predicted Warrington Borough Council’s controversial investment in Together Energy was terminated when the energy supplier went out of business.

Despite millions of pounds of investment for a 50% stake in the green energy business, unprecedented times have seen the company become part of a long list of failing energy suppliers over the past two years.

With the advice Also due to ‘write off’ around 50% of its current £32million investment in Redwood Bank, times are certainly worrying at Warrington Town Hall, with many questions to be answered when the dust settles.

Add to this that the council accounts are still unsigned as of 2017/18, despite numerous claims suggesting they were close to being signed, even as recently as December, it is difficult even for the most optimistic person, to find much to be positive about regarding the board’s current finances and investments.

We continue to hear that the majority of investment, in particular Birchwood Park, is sound and generating around £20m a year, without which the council would be forced to cut frontline services.

But with current liabilities of £1.6bn, set to exceed £2bn over the next 12 months, against a revenue budget of £140m, alarm bells are ringing, particularly with inflation exceeding 5% and fuel costs. spiral in the coming months. I don’t claim to be a math whiz, but even for me to ‘invest’ around £40m in a company going out of business, earning £20m doesn’t add up!

While all investments carry risk, surely it’s time for the politicians running our city to go back to the drawing board and revisit their investment strategy, which they attribute to 10 years of government austerity, which has saw the council lose 60p in the central government £1.

Nearly every business and local government has had to adapt, change and carve its fabric accordingly over the last two years or more – perhaps it’s time for city hall leaders to do the same and abandon this strategy. risky investment?

I don’t have the answers, but I’m not on a pay scale to provide them.

Meanwhile, on a positive note, Warrington Smart scrimpers based at St Ann’s Church in Orford have become our latest Legacy project to receive a £500 donation.
Scrimpers have been around for several years.

It is a group of people who come together around common interests and who believe they can save a fortune by applying and sharing their skills, hobbies or know-how, realizing that the cost of living could be lower if they pooled their resources.

The main goals of the group are to reuse, recycle, reuse and budget meal planning. Using the traditional values ​​of making something out of nothing and doing it all to save money on a tight budget!
Maybe the Smart Scrimpers could teach the powers that be at Warrington Town Hall a thing or two!

Smart Scrimpers Receive £500 Legacy Project Grant

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