WINCHESTER City Council says it is willing to risk up to £2m on "risky" projects and schemes.

In its latest report, the council says it is now actively seeking new ways of working or using new technology and that it is open to challenge.

It will also invest and risk losing up from £500,000 to two million pounds for larger potential financial returns.

But Cllr Vikki Weston told the overview and scrutiny committee said that the change in its risk management policy for 2017 was about how they actively managed its risk, rather than seeking more risk.

The move follows the council adopting their strategy to become more entrepreneurial, as well as failed multi-million pound Silver Hill scheme that collapsed last year.

At the meeting, chair Cllr Kelsie Learney confirmed that the report's ‘exposure to challenge’ category has increased from ‘cautious’ to ‘open’, and the ‘Innovation, quality, outcomes’ category has increased from ‘open’ to ‘seek’.

Cllr Caroline Horrill said: “In our consideration we have had many years of turbulence.

“I think we took the view that it was time to look up and look out.

“I think the central Winchester regeneration group and the community planning weekend is an example of us consulting and acting differently than perhaps on Silver Hill.

“We felt positive moving from cautious to open category. It was a mindset change.

“There are many challenges that can come our way. But if we deal with things differently in terms of dialogue we can mitigate against some of those challenges.”

During the meeting, Cllr Linda Gemmell also said she would like to see a way for individuals to highlight risk.

"I see no actual direct line in the Risk Management Policy that gives an individual clear guidance to highlighting risk," she said.

"I would like to know that there is some sort of process by which a single person can actually come through, it seems all corporate based."

Chair, Cllr Kelsie Learney said: “We do need to make sure that we are listening to those voices as referred to by Cllr Gemmel. But I think that is something we can take on board with our work.”