Westmorland and Furness Council has confirmed the daily interest rates it’s paying on the councils £185.3million debts owed by the councils in loan repayments.
As of the 1st April 2025 exactly two years since Westmorland & Furness Council became the local authority replacing the former Eden Council, South Lakeland Council and Barrow in Furness Council and Cumbria County Council in those areas Westmorland and Furness Council has confirmed it now holds long term debts in the form of loans totalling £185.3million.
Most of the loan debts owed by the council come as inherited debts of the former district and county council with Westmorland and Furness Council taking on the responsibility for the loans on the 1st April 2023 when the council loan debt total was £192.3 million, the equivalent of £853 per resident two years on the council has only reduced the total outstanding to £185.3 million through some smaller loan maturing.
Of the £185.3million owed by the council we can reveal Westmorland and Furness Council is paying an average interest rate of 3.73% on its loans that equates to a daily interest of £18,928 paid by Westmorland and Furness Council or £6.9 million a year in interest payments on the council’s loan debts.
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