Spelthorne Borough Council strengthens long-term financial position

Following the Council meeting on Monday 17 November, the finance team submitted a request to the Public Works Loan Board (PWLB) for new borrowing to refinance £905 million of existing debt. A further £10 million was added as a contingency for market fluctuations, bringing the total request to just under £575 million.

The refinancing is a major element of the Council’s financial strategy to reduce overall debt, lower financial risk, and deliver better long-term value for local residents. Through the new borrowing arrangements, the Council has secured a £342 million discount, reducing its outstanding loan debt by 32% to £715 million.

Cllr Chris Bateson, Deputy Leader of Spelthorne Borough Council, said, “By lowering our overall debt and securing safer, better-value borrowing, we are protecting residents’ interests as we move towards becoming part of the new West Surrey authority."