Labour’s borrowing total for 2014-15 will be £123.7m – an increase of +£40.1m over a 33 month period in office.
Conservative borrowing was set at £117.9m in March 2011 to provide funds for regeneration of the Borough.
Labour reduced borrowing to £83.6m in their 100 day budget after May 2011
Labour’s Budget proposals for 2014/15 raise borrowing to £115.7m. - Pride in the Community proposals will add an additional £8.0m to this figure when approved in February by Full Council, (already approved by Cabinet in December 2013)
Labour’s borrowing total will then stand at £123.7m – an increase of +£40.1m over a 33 month period in office.
This years Council budget is set to reach record levels of borrowing despite Labour Councillor’s ‘100 day Budget’ reductions in 2011 claiming that Conservative borrowing was too high.
When taking office after the elections of 2011 Labour axed £34.3m of borrowing within their first 100 days, stating that the level of debt was too high and unsustainable. After just 33 months in office, this figure will increase by £40.1m to a new high of £123.7m, when their 2014/15 budget is approved in February.
Conservative Shadow spokesman for resources Cllr. Adrian Lawrence said “We support borrowing to invest in infrastructure projects in the Borough as long as they provide long term benefits and that savings are made to meet repayment costs.”
“I am very surprised that after the great fuss they made during their so called emergency 100 day budget, together with a pledge to reduce borrowing that they have now broken borrowing records within only 33 months of running the council.”