A TORY MP has slammed Bolton's Labour-run council for using £2.6 million of taxpayers' cash to buy extra shares in Manchester airport.

Peter Thurnham, who represents Bolton North-east, described the decision as "amazing".

And he accused the council of making a hash of its spending priorities.

Mr Thurnham told the BEN: "The council should be selling its entire shareholding but instead it is spending this money which is crucially needed in other areas.

"The money should be spent on schools, and on reducing the council's debt of some £177 million. "I cannot see that this investment makes any sense for local council taxpayers who want to see their services improved."

Manchester airport was planning to spend £170 million on the controversial new runway if it received planning permission.

"Other improvements will cost similar sums and the shareholders will have to provide the money," said Mr Thurnham.

"No dividend has been paid this year and it would seem that the council shareholders are unlikely to receive any significant dividends from the airport for the foreseeable future.

"All this comes on top of the loss the council is already likely to make from an investment in Ringway Developments, based at the airport, which made a £3.2 million loss in 1994-95. "Instead of preventing pension funds and others from investing in Manchester airport, the council should be directing all its resources to services which benefit local people," added Mr Thurnham.

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