📈 Merthyr Tydfil Council’s debt surge! In just one year, their debt skyrocketed by £27.68m, marking a jaw-dropping 21.2% increase! By the end of 2024/25, the total debt hit £158.24m, leaving residents each with a figure of £2,700.72. 😲
Merthyr isn’t alone in this financial whirlwind. Across Wales, council debts are climbing, with Torfaen (26.8%) and Newport (22.34%) also witnessing significant spikes. Even Cardiff, the roaring capital, saw its debt nudge upward by 1.39%, totaling over £980m.
So, why are councils borrowing? It’s all about investing in the future. From schools to roads, these funds are fuelling essential projects. A spokesperson highlighted that the debt rise aligns with plans, especially for long-term investments like education and infrastructure. 🛤️🏫
In the grand scheme, UK councils owe a staggering £122.2bn, averaging £1,791 per resident! Wales alone is responsible for £6.43bn of this total. Denbighshire and Wrexham top the charts for debt per person, hitting figures of £3,370.02 and £3,825.80 respectively.
Stay savvy with local finances—it’s your community and future at stake! 💡📊