Commercial investments rather than a lack of central funding is at the root of councils' financial woes, local government minister Luke Hall has claimed. Mr Hall told the Housing, Communities and Local Government Committee four capitalisation directions had been agreed only because ministers judged these councils had acted prudently. He said: 'If we look at Luton or Eastbourne, for example, that have what would normally be income sources that would deliver for them, that is completely different to overexposure to extremely unwise commercial investments that public interest reports have demonstrated some councils have overexposed themselves to. There are clear differences between Luton, Eastbourne and Croydon.'
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