Labour Accused Of Hoarding Reserves While Failing To Invest

Plaid Cymru has slammed Labour rulers in Caerphilly for hoarding more than £180m in useable reserves.

The financial accounts published by the council reveal that the amount in reserves has risen by more than £40m between 2019-20 and the last full financial year which ended on March 31, 2021

Councillor Colin Mann, leader of the Plaid Cymru group on Caerphilly council, said“Two years ago Plaid Cymru revealed that the amount of usable reserves was £118m. In two years that figure has rocketed to £180.056m.

“Then Caerphilly had the third highest level of reserves in Wales and instead of spending to invest as Plaid has advocated it has just sat on a pile of money and until very recently doing very little with it.

“Residents in Caerphilly who have seen council tax rises rise substantially will be bewildered that money is being hoarded when it could be spent on improving services to communities.

 “I’m baffled in these troubled times why Labour feels it is important to hold money for a rainy day. It’s pouring now. Officers are naturally likely to be  cautious  over the use of reserves but Labour councillors need to show some leadership and spend some of the money being hoarded,

“I’ve always believed that there are huge opportunities to invest to save but Labour has done very little. There is a lack of vision and council taxpayers should expect better.”

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