Aberdeen joins councils raising money by selling bonds as cuts bite

Panel of economic experts hired, but move raises risk speculators could bet against council should oil prices wobble

Aberdeen city council has taken the unusual step of appointing economic advisers to assess its prospects for the bond market, as a growing number of local authorities turn to the world of high finance amid central government cuts.

Councillors in Scotland's third largest city will get advice from three experts on the state of the regional economy, and will help the panel with the annual assessment of a credit rating agency Moody's. Aberdeen is one of a handful of councils to raise money by selling bonds, raising 370m in November 2016 to help finance a 1bn capital spending programme.

Related: Greed is no longer good - bond boom comes to an end

Related: Greece plans return to bond market as Athens sees end in sight to austerity