A COUNCIL’S deputy leader has admitted to being “behind the curve” on diversifying investment strategies to try and bring in more money for local government services.

Durham County Council has just agreed to amend its investment strategy.

The council will now be able to hold up to £30m in equity shreholdings, up to £15m in an individual business and have investment in property of up to £50m.

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Councillor Alan Napier said: “We have seen reductions in grant funding year on year but we have seen increased pressure on budgets.

“We don’t make enough from council tax or business rates so we have to make sure we look for other investments to protect frontline services as much as we can. We are behind the curve on this compared to other councils.”