For many local authorities, commercial investments are becoming an increasingly important source of funding to support our services to residents. This is a central part of Newham's financial strategy and more palatable to our residents than increases in council tax, charges or cuts to important services. We and many others are seeking to build a diverse portfolio of investments that will provide a long-term and stable income stream to the council.

This isn't new. Local authorities have long held assets and investments to generate income. For example, the 10 authorities in Manchester co-own three major airports, making a contribution of £91m to their budgets.