FINANCE

Isle of Wight debt accounts for 42% of annual budget

Isle of Wight Council has insisted it borrows to invest in essential projects after revealing its debt amounts to 42% of the authority’s annual budget.

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By Paul Marinko | 30 January 2024

Isle of Wight Council has insisted it borrows to invest in essential projects after revealing its debt amounts to 42% of the authority's annual budget.

The council owes £162.9m in long-term loans despite planning to spend around £384m on services this year.

Paul Marinko

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Paul Marinko

Popular articles by Paul Marinko

  1. Local government: a case of Budget blues or burdens?
  2. Government returns to 56-day limit for asylum hotels
  3. Future Forum North - Climate risk needs to be properly considered
  4. Future Forum North - North West heads list for unregulated placements
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