Portsmouth taxpayers were saved from a £35m hit thanks to action by the Lib Dems, as the Conservative and Labour gambles with energy companies across the country ended in the red.
Two council-run energy companies similar to Victory Energy, the company set-up by Conservative councillors, have collapsed, leaving Bristol and Nottingham city tax-payers with £35million and £34million losses, respectively.
Liberal Democrat councillors stepped in after they regained control of Portsmouth City Council and refused to risk any more local tax-payers’ money on the Conservative’s risky venture. Despite a joint attempt from Labour and Conservative councillors at the 2019 council budget meeting, designed to bring back Victory Energy, the Liberal Democrats pushed through the company’s closure.
Nelson Ward councillor Leo Madden says, “Thank goodness the Lib Dems in Portsmouth stopped this in its tracks before it launched.” In Labour-run Southampton, like Nottingham and Bristol, all the customers of these failed companies, have been switched to the ‘Big 6’ energy companies without a choice; the exact opposite of what Labour set out to achieve. The Lib Dem intervention has saved Portsmouth tax-payers up to £35 million of losses and protected council services from massive cuts.