Council Debt Skyrockets Under the Tories

An official council report reveals a very disturbing increase in Council debt since the Conservatives took over in 2023. Before that, Liberal Democrats had reduced borrowing inherited form the Tory-run County Council down from £90m to £60m.

Debt has now shot back up to £107m  and the report reveals a plan for it to go up further to £153m.

The report identifies that an additional £1.4million will be spent this year on interest payments than was originally budgeted for.

Cllr Michael Headley, Liberal Democrat Finance spokesperson, commented,

‘The Conservatives  seem determined to write the dictionary definition of irresponsibility. Not only have they burnt through the reserves we left them, they have also borrowed eyewatering sums.  That means more taxpayers’ money is just being spent on interest payments on these bigger loans so that there is less money available for council services.  Paying over £1 million more in interest this year alone is just like pouring money down the drain, when that money could have been spent on services for local residents.

The ones who will ultimately pay will be the taxpayers in Bedford Borough when council tax will have to rise again and essential services will have to be slashed.’

Notes:

(Public Pack)Agenda Document for Executive, 11/09/2024 18:30 (bedford.gov.uk)