Hands lambasts Council’s financial management
Following last week’s Budget Council Meeting in Hammersmith & Fulham, Conservative Group Spokesman, Cllr Greg Hands, has hit out at Council’s financial management, pointing particularly to their rapidly expanding debt.
The debt held by the London Borough of Hammersmith & Fulham as at 31st December 2003 was £297 million. This year’s figures (as at 31st December 2004) show a £309 million debt, a rise of £12 million. This is the equivalent of £160 on a Band D Council Tax bill this year.
Approval was also given at the Budget Meeting to expand the debt a further £159.5 million to a massive £468.5 million, to cover planned growth.
However, the Council has agreed to authorise the possibility of a further expansion of the debt to £590 million by 2007/08 - which would be a doubling of the debt since 31st December 2003, in just over four years.
With these figures, Cllr Hands believes that the London Borough of Hammersmith & Fulham would have a very credible position in any table of international debtors. Next year, it will overtake Swaziland (£342m), and will then quickly accelerate past other African countries like Botswana (£480m); Eritrea (£528m) and The Gambia (£590m).
Commenting, Greg said: "For too long, the Council leadership have behaved like a Third World dictatorship - now it seems they will have a debt to match. The Council's debt is already huge, and to plan on doubling it in just four years is grossly irresponsible.
March 6, 2005
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