It would be ‘unacceptable' if local government shied away from taking risks on commercial activities ahead of reform in 2020, a finance expert has said.

Chief executive of the Chartered Institute of Public Finance and Accountancy (CIPFA), Rob Whiteman, said local government would have to ‘really change its risk appetite' and was going to become ‘much more income-focused' on tax and revenue streams ahead of the loss of the revenue support grant.