Cllr Adam Kent, Leader of the Conservative Opposition at Worcestershire County Council, has today (October 21st) criticised the Cabinet Member for Finance, Cllr Rob Wharton, for a serious error in his understanding of the Council’s financial position.
During recent discussions on council borrowing, Cllr Wharton claimed that Worcestershire County Council’s “consolidated rate of interest is 6.2% on £610 million of borrowing.”
In reality, the true average rate of interest currently paid by the Council is just 3.849%, as confirmed by the Council’s own treasury management data.
Cllr Kent said:
“It is deeply concerning that the Cabinet Member for Finance doesn’t appear to understand the basic facts of the Council’s debt. The figure of 6.2% he quoted bears no resemblance to the actual blended rate being paid across existing loans.
The 6.2% rate only applies to new borrowing — and it’s a direct consequence of the economic chaos and rising interest rates under Labour’s Chancellor, Rachel Reeves. Our existing portfolio, averages just 3.849%.”
Cllr Kent added:
“At a time when the Council is facing major decisions and financial pressures in SEND, Home to School Transport, Adult and Childrens Care, residents deserve competent leadership. Misstating the Council’s financial position by almost double the actual rate is not a minor slip — it’s a fundamental misunderstanding of how public finances work.”
The Conservative Opposition Group continues to press for greater transparency and financial literacy within the Reform-led administration, warning that poor decision-making and inaccurate information could further undermine public confidence in Worcestershire’s financial management.
