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Eastleigh Borough Council’s net debt is set to reach £519,706,000 next year and beyond that in future years. Eastleigh is one of several councils borrowing heavily to gamble on the property market in the hope of big returns to balance the books. The Lib Dems running the Council have nearly as much debt by comparison to their assets as the infamous bank Northern Rock did just before it crashed, unlike Conservative-run Winchester City Council. Former Lib Dem peer, Lord Oakeshott (an investment manager) said in The Guardian (26th Jan 2019), “It’s a hell of a gamble that these councils are taking...
