The proposals will see Chorley Borough Council believed to be borrowing £20m or more, a debt which will cost the council around £1 million to service every year. Directly as a result of the plans, around £500 of debt will be heaped onto each household in Chorley Borough. Rob Loughenbury, prospective Conservative MP for Chorley, works in the property investment and development sector and has labelled the scheme an “irresponsible gamble.” The Conservative Group on Chorley Borough Council also oppose the plans.
Rob Loughenbury said,
“This is the same old Labour Party, borrowing money and piling debt on the heads of hardworking local tax payers. Households will be saddled with around £500 of debt overnight as a result.
“To my knowledge, no Chorley Labour councillor has experience in property development or knows even the first thing about running a multi-unit retail facility. Labour will be unable to provide any democratic scrutiny of this enormous investment.
“We all know from bitter experience where Labour’s cavalier attitude to borrowing ends up. My fear is that this irresponsible gamble will result in higher council tax bills for years to come, taking more money out of the pockets of the hardworking people who earn it.”