Janet Finch-Saunders, Member of the Senedd for Bangor, Conwy Môn, has demanded urgent answers from Conwy County Borough Council over its outstanding borrowing of almost £199 million. warning that local taxpayers deserve far greater transparency over the authority’s financial commitments.
A Freedom of Information response has revealed that the Council has outstanding borrowing of approximately £198.8 million across 56 individual loans, including a further £30 million borrowed from other local and regional authorities.
This includes:
- £15 million from West Midlands Combined Authority.
- £5 million from Ashfield District Council.
- £5 million from Halton Borough Council.
Particularly concerning are the two loans from Barclays Bank, totalling £10 million, carrying interest rates of 4.96% and 4.90%, with repayment dates stretching as far ahead as January 2077.
Janet commented:
“These figures are deeply worrying. Hard-working families and our cash strapped pensioners are being hit with rising council tax bills, while services are being cut and residents are increasingly being asked to pay more for less.
“The Council must explain why it has accumulated almost £199 million in outstanding borrowing and crucially what taxpayers are getting in return.
“I recognise that local authorities borrow to fund capital investment, not simply to meet day to day running costs. But that does not give councils a free pass to avoid scrutiny.
“I am particularly concerned by the duration of these financial commitments. Interest rates on the loans reportedly reach as high as 9.5%, while some borrowing arrangements extend for decades with repayment dates running as far as 2077.
“That means future generations of taxpayers could still be carrying the consequences of decisions made by today's council administration. That is a serious responsibility, and one that demands proper accountability.
“Ultimately, this is taxpayers’ money and taxpayers have every right to demand answers and transparency over the borrowing. I have written to the Council Leader seeking an update and clarity on the spend.”
ENDS
Photo: Janet Finch-Saunders MS/AS
