It is estimated that Tunbridge Wells Borough Council will need to find £2.4m every year for the next 50 years to pay back the £72m loan that the council aims to take out to build new council offices and a theatre.
The debt will need to be funded somehow and many councillors fear that vital services, such as green waste collection, will be cut or even charged for. Some councils are moving to monthly bin collections. Is this something our borough council are looking to do to save money to pay for the theatre? They claim that council tax will not increase, but that means cuts will have to be made to fund the debt.
Conservative rebels have continued to vote against the project, which has already racked-up a bill of £4.2m in consultants’ and architects’ fees.
The leader of Tunbridge Wells Borough Council, Councillor Jukes, has said that at the current fixed rate of under 3%, by the time the loan matures in 50 years’ time the £2.4m repayments will seem like “peanuts”.
We however think this debt is something that we could all do without.