Liverpool borrows to improve roads

Liverpool City Council is to borrow £185m over 25 years to improve the city’s road network. The majority (£160m) of the funding will be allocated to road reconstruction over the next five years with £25m allocated to resurfacing. The council says total capital financing charges for the borrowing will be £308.9m. This will be funded through an ‘invest to earn’ strategy expected to generate £5m a year return and revenue budget savings from the council’s transformation plan. The council is also setting up a £15m emergency response programme to fill in potholes.