Wirral Council's debt increases by £233m in six months
Wirral Council's net debt has increased by £233m in six months, with the expectation more borrowing is on the way.The figure was revealed during a meeting about the authority's treasury management strategy.A summary published by the local authority showed that between September 2024 to March 2025 there was a £25m increase in spending on Public Finance Initiatives (PFI), £73m in borrowings, and a drop of £8.2m in investments.However £152.5m of the £233m was due to changes to PFI liabilities, and accounting rules which mean rent costs must be listed on the council's balance sheet both as an asset being leased and the future lease payments.
PFIs was a government policy launched in 1992 where a private firm was contracted to deliver a public project while the costs were then paid back over several years. Wirral Council said the PFIs had to be reassessed to take inflation into account.
'Long-term stability'
Changes to debt borrowing have been blamed on accountancy rule changes, capital projects such as regeneration, and temporary loans taken from other councils, the Local Democracy Reporting Service said.The report said: "The council's chief objective when borrowing has been to strike an appropriately low risk balance between securing low interest costs and achieving cost certainty."The council's borrowing strategy continues to address the key issue of affordability without compromising the longer-term stability of the debt portfolio."It said external borrowing may have to increase in the future and the decrease in investments was because the council was having to use that funding for service needs.A Policy and Resources committee meeting will further discuss the council's finances on 26 June .
Listen to the best of BBC Radio Merseyside on Sounds and follow BBC Merseyside on Facebook, X, and Instagram. You can also send story ideas via Whatsapp to 0808 100 2230.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sky News
26 minutes ago
- Sky News
Former Centrica chief Laidlaw in frame to chair embattled BP
Sam Laidlaw, the former boss of Centrica, is among the candidates being considered as the next chairman of BP, Britain's besieged oil and gas exploration giant. Sky News has learnt that Mr Laidlaw is being considered by BP board members as a potential successor to Helge Lund, who announced in April that he would step down. BP's chair search comes with the £62bn oil major in a state of crisis, as industry predators circle and the pace of its strategic transformation being interrogated by shareholders. Elliott Management, the activist investor, snapped up a multibillion pound stake in BP earlier this year and is pushing its chief executive, Murray Auchincloss, to accelerate spending cuts and ditch a string of renewable energy commitments. Mr Lund's departure will come after nearly a quarter of BP's shareholders opposed his re-election at its annual meeting in April - an unusually large protest given that his intention to step down had already been announced. BP's senior independent director - the Aviva chief executive Amanda Blanc - is said to be moving "at pace" to complete the recruitment process. A number of prominent candidates are understood to be in discussions with headhunters advising BP on the search. Mr Laidlaw would be a logical choice to take the role, having transformed Centrica, the owner of British Gas, during his tenure, which ended in 2014. Since then, he has had a long stint - which recently concluded - on the board of miner Rio Tinto, which has been fending off activist calls to abandon its London listing. He also established, and then sold, Neptune Energy, an oil company which was acquired by Italy's Eni for nearly £4bn in 2023. Last December, Mr Laidlaw was appointed chairman of AWE, the government-owned body which oversees Britain's nuclear weapons capability. He also has strong family connections to BP, with his father, Christopher Laidlaw, having served as its deputy chairman during a long business career. One person close to BP said the younger Mr Laidlaw had been approached about chairing the company during its previous recruitment process but had ruled himself out because of his Neptune Energy role. The status of his engagement with BP's search was unclear on Saturday. Another person said to have been approached is Ken MacKenzie, who recently retired as chairman of the mining giant BHP. Mr MacKenzie headed BHP during a period when Elliott held a stake in the company, and is said to have a good working relationship with the investor. Shares in BP have continued their downward trajectory over the last year, having fallen by nearly a fifth during that period. The company's valuation slump is reported to have drawn renewed interest in a possible takeover bid, with rivals Shell and ExxonMobil among those said to have "run the numbers" in recent months. Reports of such interest have not elicited any formal response, suggesting that any deal is conceptual at this stage. BP is racing to sell assets including Castrol, its lubricants division, which could command a price of about $8bn.
The Guardian
28 minutes ago
- The Guardian
Council approves radical Folkestone development amid fears of legal action
One of the biggest and most radical recent seaside redevelopment projects in the UK has been given the go-ahead by planners in Kent despite opposition from residents. The development at Folkestone harbour was approved by a planning committee this week after a two-hour debate. Initial plans had been turned down five months before, but a revised application for 410 homes and 54 commercial units was finally put through by local councillors by a vote of nine in favour, two against and two abstaining. Speaking on the decision to approve, the councillor Adrian Lockwood acknowledged the scrutiny the plans had come under, but said the council 'cannot block the blocks. These are going to be built.' He added: 'We love the harbour and it's hugely successful. I fear we're going to lose some of the amazing things that have been done down there, but I can't see any material reasons to refuse this application and potentially subject this council to legal action.' The company behind the development, Folkestone Harbour and Seafront Development Company (FHSDC), claimed the construction would generate £21m a year for the local economy and create more than 700 long-term jobs. A spokesperson for FHSDC hailed the approval of the development as a 'once-in-a-generation opportunity to secure real, lasting prosperity' for the town that would unlock 'a transformational set of benefits for Folkestone'. Many in Folkestone, however, are unimpressed with the development, feeling that the units will destroy the natural beauty of the town's coast and beachfront. Mark Hourahane, the vice-chair of the New Folkestone Society – a 'voice for the community' – lamented the decision to approve the development, saying the new buildings would 'permanently and irreversibly change the appearance' of Folkestone's seafront. 'Whilst the New Folkestone Society acknowledges there have been minor tweaks to the 'harbour plan' since it was unveiled in 2023, our survey showed that 91% of 1,350 people who took it were against the plans for the plots around the station. We are deeply disappointed that it has now been approved,' he said. There are also concerns about the financial feasibility of the plans. Luxury flats that have already been built on the seafront have not sold well, and a construction on the site of the former Leas Pavilion was paused in March due to apparent financial issues. Tony Vaughan, the MP for Folkestone and Hythe, expressed reservations about the harbour project, echoing concerns that it would not fit into the town's landscape and would be unaffordable for locals. 'The strength of feeling among many local people about the development has been significant and understandable,' he said. 'I think that people worry about the development's impact on the local heritage and character of the seafront, and feel like a development of this nature is not what Folkestone needs when there is a housing crisis in the local area. Folkestone desperately needs more affordable housing.' Folkestone & Hythe district council has been approached for comment.
The Sun
32 minutes ago
- The Sun
Five BEST used caravans for a summer staycation are revealed – and they're all under £5,000
THE best second-hand caravans to buy for under £5,000 have been revealed - as Brit travellers look for UK getaways this summer. Caravan specialists told The Sun the best brands to look for when RV hunting on a budget, as well as key tips for second-hand buyers across the UK. 6 Experts weighed in on which campers have the best value for money at the low £5,000 price point. A handful of brands were mentioned by multiple sources, with each specialist detailing which caravans had the best quality at their estimated price. Caravans For Sale told The Sun that shoppers should target "mid to late 2000s models". And they gave tips on what to look for before buying used caravans, including reports and battery checks. Bailey Senator The Bailey Senator is made by Bailey of Bristol, one of the UK's most trusted and long-established caravan manufacturers. Caravans For Sale spokesperson Linzi Oliver said it used to be in the "higher-spec range at the time [it was released]". 6 Once a flagship model, it is still known for its luxury touches, solid build quality, and spacious layouts. She explained: "You'll find older Series 5 or Arizona models just scraping under £5k if well-used, and they still offer great quality for long-term touring." Older models from 2001 can even be snatched up second hand for just over £2,500. But they still boast decent sized rooms and extra premium features that aren't found in entry-level campers. Watch the video to see inside the family-of-seven's caravan home The line was discontinued in 2010, but lives on as a top choice for used caravan buyers in 2025. Elddis Odyssey The Elddis Odyssey is a well-built, mid-to-high-range touring caravan made by Elddis, a trusted British brand based in County Durham. The Odyssey range was a popular step up from Elddis's entry-level caravans, offering more space and cosier interiors — without the sky-high prices of high-end models. "This range has a strong reputation for being robust," Oliver said. How much does it cost to live in a caravan? LIVING in a caravan can be an economical and flexible lifestyle choice in the UK. Here's a breakdown of potential costs: Initial Costs Caravan Purchase: £8,000 - £40,000 (depending on size, age, and condition) Caravan Insurance: £200 - £800 per year Ongoing Monthly Costs Pitch Fees: £150 - £600 (varies by location and facilities) Utilities (Electricity, Gas, Water): £40 - £120 Maintenance and Repairs: £20 - £80 Internet and TV: £20 - £50 Gas for Heating/Cooking: £15 - £40 Other Potential Costs Waste Disposal Fees: £8 - £25 Transport Costs (if moving locations): Variable, depending on distance Optional Add-ons (Awning, Solar Panels, etc.): £400 - £1,600 (one-time) Sample Monthly Budget Pitch Fees: £400 Utilities: £80 Maintenance and Repairs: £40 Internet and TV: £40 Gas for Heating/Cooking: £25 Total: £585 Annual Estimated Cost Total Monthly Costs: £585 x 12 = £7,020 Insurance: £500 Maintenance and Repairs: £480 Total Annual Cost: £8,000 Tips to Save Off-Peak Pitch Fees: Look for lower rates during off-peak seasons. DIY Maintenance: Handle minor repairs yourself. Energy Efficiency: Invest in solar panels to reduce utility costs. While initial setup costs can be significant, ongoing expenses for living in a caravan can be relatively low, making it a viable option for those seeking an affordable and mobile lifestyle in the UK. "And with larger 4 berth options, they're great for families." The expert added: "2005–2008 Odyssey models can often be found for £4,000–£5,000, usually in good condition with full service history." Though the line was discontinued in the early 2010s, it remains a favourite on the used market. The Odyssey is ideal for summer staycations, festivals or long weekends on the coast. Lunar Ariva Oliver said: "The Ariva is celebrated for being lightweight, often around 970kg MTPLM, which makes it ideal for smaller tow vehicles. "Older Arivas (2005–2009) are commonly available for £3,500–£4,800." 6 The two-birth caravan may be small, but it still has a well-equipped interior, including a kitchen, living area and a bathroom. It's a great choice for couples looking for an easy to handle caravan for short weekend trips away. Swift Charisma The Swift Charisma 565 is a great family-friendly caravan, with a 2003 model selling for between £4500 and £5000. It features a washroom, a side kitchen and a dinette, with an L shaped lounge. 6 "The seating is generally comfortable and the L shaped lounge is a very sociable area and makes into a large double bed", said caravan expert Andrew Jenkinson. This layout is ideal for four or makes a great 3 berth, plus it comes with a mover and an awning – not a bad buy at all." This caravan is perfect for taking kids away to the beach on school holidays. Compass Corona The Compass Corona 505 is a five-berth caravan with 2003 models of the vehicle selling for around £4,750. It's a lightweight family model with two double dinettes, giving it a spacious feel. "The caravan has a large front layout, side kitchen with a wardrobe and a washroom opposite with a dinette at the rear which comes with a bunk bed too. "This layout is ideal for families and with a spec that includes an oven ,heating, a fridge and a shower it's a great buy and it's also relatively light in weight too. "This is ideal for a family of first timers."
