An artist's impression of the Castle Gateway project. But does the city council really have the knowhow to take it on? asks John Zimnoch. Image: City of York Council
Readers of Private Eye will know that councils throughout the UK have been causing ratepayers throughout the country massive financial losses with various investment schemes. Now, sadly, York councillors propose to do the same (Council takes on Castle Gateway, January 23).
Interest rates are very low if you borrow £450 pounds but £45 million is another story altogether. As for development experience, given we have gardeners and teachers as councillors I lack faith in their ability. I hope their expertise is more than having played monopoly, as ratepayers will pay the price.
John Zimnoch,
Osbaldwick
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