The West Berkshire Budget is set for another year

The main news this year is that, to avoid raising council tax by more than the 5%, the LIberal Democrats chose to instead borrow.

In real terms - based on the budget papers which contain a total of £150million of borrowing at over 5% per annum, residents now face

• Total interest over 20 years: £90.7m

• Total cost to taxpayers: £240.7m

• Annual repayment when all loans overlap: approx £12.0m per year

• Every £1m borrowed costs £604k in interest

FYI I brought an amendment to council (the only one as it happens) to try and think around the issue. No other ideas of any kind were presented. I was accused of being a business man only and not community minded. This was meant as an insult, but as a business man, if I did what the council is doing I would be beaking the law and personally liable to repay the money.

The Leader of West Berkshire Council stated that "they were taking a leaf out of the government's playbook and borrowing for day to day activities". That's just pushing the problem onto future residents.

For transparency my full speech and original amendment (before advice from officers to amend) is below.