TORY councillors are calling for a full investigation into Plymouth City Council's controversial decision to borrow £70 million to pay off a pension deficit.
The council's opposition Conservative group wants to know how the transaction was set up and what the potential implications are for the authority.
The Herald has reported that, against advice from the auditor and a Treasury advisor, the council borrowed the money from the Government and used it to buy shares in London-based Miel Solutions Ltd, which then paid it into the pension fund, wiping out a deficit of up to £110m.
The transaction was controversial because money borrowed from the Government should only be used for capital projects. As a result, the council's accounts have not been signed off for the past three years. The authority is expecting the 2019/20 accounts to be finally approved this month, but with a part qualification placed on them by the auditor, which could damage the council's reputation and affect its ability to borrow.
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