Ipswich council debates a £231.2m borrowing increase and its financial impact
Ipswich: During a council meeting, leaders discussed borrowing costs. In 2024/25, Ipswich Borough Council borrowed £231.2 million. This is £26.7 million more than expected.
Martin Cook, the resources portfolio holder, assured the council they have a solid plan to repay the money. He mentioned they are below the borrowing limit and expect income to cover costs.
However, Ian Fisher, the Conservative group leader, raised concerns. He pointed out that £231 million is a significant amount. He warned that repaying this debt could burden the people of Ipswich.
Fisher emphasized that just because they are below the borrowing limit doesn’t mean they should borrow more. He compared it to being under a credit card limit but still feeling financially strained.
Martin Cook responded, stating their plan is approved by government departments. He acknowledged borrowing issues but insisted their strategy is financially sound.
Colin Kreidewolf, responsible for the council’s assets, added that much of the borrowing supports local businesses. He believes the council will manage to repay the borrowed funds over time.
