Having lost up to £200,000 to consultants advising on ­privatising council services, South Hams District Council leader John Tucker should be very wary of entering into more financially naive ventures.

The proposal to borrow and invest £80m of taxpayers’ money in a commercial property portfolio seems foolhardy in the extreme. From the details on the council’s website, I would highlight:

* council tax payers will be at risk for the full amount ­borrowed and invested of up to £80m;

* the council does not have the commercial or project management expertise to run a venture of this type;

* when things go wrong there is no point in blaming the hired experts;

* taxpayers will be liable ­financially;

* the council’s business case envisages only increasing ­property values at a time when the UK is facing the biggest ­economic risk of recent history from Brexit; and

l financial forecasts are ­optimistic in the extreme – the proposition recognises, but fails to quantify, that there may be shortfalls in lease rates, rent voids, increased maintenance and management costs and unexpected tax charges, which would plunge the venture into considerable loss – all of which we, as taxpayers, would have to make up.

We look to our local council to run efficient public services within the traditional sums available, not to dabble in risky commercial ventures. May I suggest that investment in assisted housing for public-­sector employees and other locals in need is a better use of any available funds. Please desist in wasting more of our money on pointless consultancy advice.

Colin Pincombe,

Embankment Road,

Kingsbridge