EARLIER this week, research revealed that the average Briton is in the red to the tune of £8,000 …plus their mortgage.
And the same survey found that six million of us feel we’ll never be debt free during our lifetimes.
So the news that the borough council expects to pay back £270 million in nine years raises eyebrows.
The scale of the borrowing is scary: a debt mountain that could be just fine, or it could be built on a house of cards.
All it will take is one credit crunch, one financial hiccup or one house building recession for everything to fall down, and fall down quickly.
The Executive last week promised that the council taxpayer will not be responsible for this massive debt.
But it still equates to £4,200 for every household in the borough.
That is a challenging sum in this tough environment.
While we support the regeneration works, without a firm plan in place this is a debt that might never be paid off.
