English councils poised to make cuts amid loss of commercial income

Exclusive: jobs and services at risk as investments such as airports and property hit by lockdown measures

• Coronavirus – latest updates
• See all our coronavirus coverage

English local councils are set to shed thousands of jobs and cut services as they count the cost of lost income from multibillion-pound holdings in office blocks, retail parks, airports and cinemas, all badly hit by the coronavirus pandemic.

The commercial investments, many acquired in a £7.6bn property spending spree in England over the past four years, were part of councils’ effort to find alternative incomes and protect local services that faced cuts or closure during a decade of deep austerity cuts.

Continue reading…