Selling property allows halving of our Council's debt - and it's £5 million debt interest bill. That means we can maintain spending on grants to voluntary groups.
What was interesting at the meeting last night was that while the Labour Party dogmatically oppose the sale of any the buildings, several of the community groups are keen to buy them. Some were protesting under the misconception that we didn't think their money was a good as anyone else's or that we were planning to sell the buildings straight away.
In my borough we have a debt double whammy inherited from the Labour Party. As well as the Government grant cuts necessitated by Labour borrowing nationally we also have the burden of local debt inherited from years of Labour administration locally. Andrew Slaughter, the Labour MPfor Hammersmith, who as Council leader left us with legacy of £169 million debt. We have so far got it down to £133 million. Nor is Slaughter a friend of the voluntary sector. When he was Council leader he cut she cut spending on voluntary organisations by 10% in just one year - from £4,452,009 in 2002/03 to £4,025,989 in 2003/04.
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