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21 March 2016
 
1 billion in debt - Labour burning your money on pet projects
 

Buried within Croydon Council's recent budget papers was Labour's startling admission that they have completely lost control of our borough's finances.

Labour revealed that on their watch the council's debt is projected to rise to £1.17 billion by 2018.

When they took over control of the Council in 2014, debt stood at £722.3 million. Due to their policy decisions, Labour expect that to increase by 62 per cent by the end of their term in 2018.

This means that as a percentage of its income, the council's debt is projected to rise to 171.8 per cent.

All this comes at the same time as Labour have chosen to increase the Council Tax that hard-working residents are paying by nearly 4 per cent.

Labour have been frittering away Council Tax on their pet projects, with no verifiable data demonstrating they are helping Croydon's economic future. These include:

  • £6 million overspend on one department

  • £140,000 on a one day bike race (doing it again despite raising Council Tax!)

  • £50,000 on unnecessarily moving some boulders around

  • £200,000 on a 'Fairness' Commission

  • £2.7 million of the council's money put into a ‘Labour Party pet projects fund’

Cllr Jason Cummings, Shadow Cabinet member for Finance, commented: "Labour are burning Croydon's money on pet projects and on their watch debt is spiralling out of control. They have chosen to increase Council Tax and they are choosing to increase our debt to over £1 billion. The evidence is clear, Labour simply cannot be trusted to manage the finances of London's largest borough."

 
 
 
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