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Finance chief defends 'essential' borrowing
The Herald
|February 15, 2025
PLYMOUTH'S finance chief has defended the council's decision to increase borrowing to nearly £1bn saying it is essential to regenerate the city and create jobs.
Cllr Mark Lowry, Labour's cabinet member for finance, said that without borrowing huge sums the council would not have been able to build the Life Centre, The Box, its new crematorium or invest in new infrastructure.
He said: "Some of the biggest achievements in the city would not have been possible without our contribution from borrowing. And in many cases, without our contribution from borrowing, that investment would have simply gone elsewhere and Plymouth residents would have lost out." Cllr Lowry was speaking after PlymouthLive reported that the amount borrowed by the council is set to leap by £95m next year and is predicted to be close to £1bn by 2028.
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