A NEW strategy outlining Blaenau Gwent council’s commercial ambitions over the next five years is set to be considered by councillors.

The plans include developing an investment portfolio, and a commercial and entrepreneurial culture, and creating “true commercial activities” involving profit and loss.

Council leader Cllr Nigel Daniels has previously spoken of the authority’s ambitions to become “a much more commercially minded organisation.”

A transformation budget set at £500,000 is also set to be established - as part of separate budget plans - allowing the council to invest in projects and investments.

The new strategy will see a Strategic Commercial Board set up to review the development of the plans.

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Key parts of the strategy include ensuring the council understands its investments, including profits and losses, controlling costs and using data for insights.

An investment portfolio will be used to shape investment options based on business cases, risk assessment and market intelligence.

A council report says the strategy “highlights the conditions required for the council to behave as a commercial organisation.”

“This is within the context of maintaining the council’s core purpose to provide public services delivering social value,” it adds.

Similar policies have been adopted by other councils in Gwent such as Monmouthshire and Newport, as authorities look to new ways of generating income and providing services.

Cllr Daniels has also highlighted the important of a commercial approach for future budgets.

He said: “Looking forward our aim is to become a much more commercially minded organisation, looking at how we can improve our residents’ access to services, how we manage the property and land we own, and our third party spend.”

The strategy, which covers the period 2020-25, will come before the council’s corporate overview scrutiny committee next Wednesday, before going to executive and full council meetings next month.