Mayor scraps plans to buy Lloyds Bank building

Plans to purchase the former Lloyds Bank building on Bedford High Street have been scrapped by the Conservative Mayor. 

The £1.375m acquisition, which was approved in December 2024 as part of the proposed Mayes Yard development, has now been formally cancelled. Liberal Democrats had previously called in the wasteful decision, which had seen the Council commit to paying almost 50% more than the building was independently valued at. 

Councillor Henry Vann commented, “This is welcome news. It is good to see that finally some sense has prevailed on this decision. We had consistently warned against this wasteful spending, but the Mayor sadly ignored us and pushed ahead regardless. I am pleased therefore that he has eventually listened.”

“However, it shouldn't take warnings of effective bankruptcy to stop a two-year-long spending spree. We need to recognise that this welcome decision is only one small step. There must be a complete end to new spending of taxpayers' money from right now, if the council is to avoid bankruptcy.”

Council scraps plans to buy former high street bank building - Bedford Independent

Tories told to think again about expensive bank purchase - Bedford Liberal Democrats