🚨 Cardiff’s Debt Dilemma: Over £980 Million in the Red 🚨
Cardiff Council has racked up a colossal debt, totalling over £980 million in the past financial year, marking it as the council with the highest borrowing in Wales. The debt increased by 1.39% from the previous year, placing each resident’s share at approximately £2,555.
Councillor Chris Weaver, in charge of finance for Cardiff Council, has indicated this borrowing is intentional, part of a broader long-term strategy aimed at boosting job creation, constructing council homes, and enhancing public transport. These steps are hoped to reduce service-related costs in the future, aiming for long-term gain over short-term pain.
The council isn’t alone, with 16 out of 22 Welsh local authorities seeing an uptick in debt last year. Cost-of-living pressures, rising homelessness, and an ageing population needing more support are factors contributing to the financial strain.
In comparison, Swansea Council managed to trim its debt slightly, ending at £636 million. Meanwhile, other regions like Denbighshire and Wrexham report higher debt levels per person, raising questions about how financial burdens are distributed across Wales.
The pressure on councils to maintain essential services while managing budgets effectively has never been greater. As these numbers reveal, the financial balancing act is critical not just for Cardiff, but for councils across Wales.
What are your thoughts on this steep debt upswing? 💭
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