Somerset Liberal Democrat Group

Liberal Democrats on Somerset County Council

In answer to David Huxtable's argument that we should now be paying 1% interest on borrowing - in line with the base rate

Written by Cllr. Sam Crabb and published in West Somerset Post (blog) on Mon 9th Feb 2009

As usual the Conservatives are talking rubbish. Base Rate with the Bank of England may be down to 1% - the lowest rate for 200 years - but no-one can borrow at that rate. The cost of breaking long term fixed rate interest mortgages for Somerset County Council would be over £12 million. The annual saving by borrowing at the lowest possible rate that SCC could get, would be £1.17 m per annum. So the Conservatives would rather spend £12 m plus now to save £1m!

Somerset County Council has been awarded a 4 out of 4 for Value for Money - let's see if David Huxtable can find a Conservative Council that good in the area.

The amount of prudent borrowing per head of population in Somerset by Lib Dem run Somerset County Council is one of the lowest of any County Council in England.

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Previous press article: Response to letter from Cllr. Ron Forrest re. investment in Icelandic Banks (Wed 5th Nov 2008).
Next press article: In answer to Ron Forrest's attack on a unitary council for Somerset (Tue 3rd Mar 2009).

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