Local authority investments in commercial properties have soared to £6.68bn in 2016/17 to 2018/19, the National Audit Office has said – 14.4 times more than the preceding three years. And is it any surprise?

Central Government's attempts to scale back local authority grants and foster a new era of self-sufficiency have been greeted enthusiastically by the sector. Only now, the mandarins are getting frosty feet.