Portsmouth City Council approves £30m property fund

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PROPOSALS by Portsmouth City Council to set up a £30m fund to buy up property have been agreed.

The city’s Tory cabinet have given council officers permission to go forward with the plan – which will help the authority generate income through buying buildings such as office space and renting them out to companies.

It comes at a time when the government is reducing the amount of money it is giving councils to spend on services.

Councillor Donna Jones, Tory council leader, said: ‘This is a really important way forward. This is Portsmouth plc.’