Smith Square has dismissed as ‘misleading' another TaxPayers Alliance report claiming that town halls are ‘hoarding' assets worth billions of pounds while claiming poverty.

A TPA report published on 2 June claimed that councils own a ‘surprising' number of community assets across the UK ‘despite the scale of Britain's financial challenge'.

According to responses to TPA requests made under the Freedom of Information Act, local authorities own 580 restaurants, 378 pubs, 191 shopping centres and 174 hotels across the UK.