East Riding Of Yorkshire Council’s debt fell slightly over the last financial year.
The Council ended the 2024/25 financial year with almost £14 million less debt than it had began the period with, the overall number having been reduced to £383,174,000.
This means that East Riding Council has £1,094 debt per resident. This figure is lower than the UK average of £1,791 per resident.
Julian Neilson, director of finance for East Riding Council said: “To support long-term investment in vital infrastructure and public services, such as roads, council housing, public buildings, and other public spaces, the council uses borrowing as one of its key funding sources. This enables the council to spread the cost of major projects over time, similar to how homeowners use mortgages to finance the purchase of their property.
“Without borrowing, many essential improvements would be unaffordable, as councils do not receive sufficient upfront funding to cover large-scale investments. The council borrows money from the Government’s Public Works Loan Board, which offers the most competitive interest rates available to local authorities.
“During the 2024-25 financial year, while continuing to invest in infrastructure and public services, the council was able to make efficient use of its surplus cash balances to temporarily delay further borrowing. As a result, the council was able to reduce its overall debt by £13.9m, bringing total borrowing down to £383m by the year-end. East Riding of Yorkshire Council’s borrowing remains well within affordability thresholds, allowing us to invest in the future of our community while maintaining strong and responsible financial management.”
Across the UK councils owe a combined £122.2 billion to lenders, the data has found. The figure rose 7% from the end of the 2023/24 financial year.
Birmingham City Council has the highest amount of debt at £3.3 billion. The council with the highest debt per resident is Woking Borough Council with a staggering debt of £20,601 per person.
By: Andrew Spence, LDRS
