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Notwithstanding the £274 Million it says it has managed to 'squirrel away', apparently the council's Housing revenue account is in serious debt as a result of various scumbag 'nasty party' Government policies.
I agree that It's ridiculous that a council can't use it's reserves to fund council housing (ringfenced by Margaret Thatcher in the 80's) but let's not forget that Blair had ten years to reverse it but he didn't.