Further £73m of borrowing approved by Cambridgeshire County Council

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Cambridgeshire County Council has approved a further £73 million in borrowing as it continues its investment drive.

According to a report for the council’s general purposes committee, the money will be spent on property investments “within Cambridgeshire’s economic geography”.

Cambridgeshire County Council has approved a further �73 million in borrowing

Cambridgeshire County Council has approved a further �73 million in borrowing

Cllr Joan Whitehead said the report made her feel “slightly nervous,” noting the borrowing is estimated to cost the council £4.1 million in 2020/21 which the report says then “decreases each year after”.

The council’s head of finance, Tom Kelly, said investment is expected to make a net return after costs are deducted.

Leader of the council, Cllr Steve Count, said “the sums do add up in a very positive manner”.

Cllr Josh Schuman, chair of the commercial and investment committee, described the council’s investments to date as “sound investments”.

The council’s net borrowing is forecast to reach £700 million by next March.

The decision to increase the borrowing was approved unanimously by the council’s general purposes committee.

The council has made a number of property investments already this year, including the Cromwell Leisure Park in Wisbech, the Tesco site in Milton and Kingsbridge Centre  in Peterborough.

Ben Hatton, Local Democracy Reporting Service