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£120m to be borrowed for Oxfordshire infrastructure
Oxfordshire County Council’s cabinet has agreed to borrow up to £120 million to invest in infrastructure improvements, including road and property repairs.
Recent under investment has resulted in significant reduction in quality of major and minor roads, as well as pavements, leaving the council to reassure that the investment proposal means the whole county would be benefit from a ‘growth dividend’.
Roughly £80 million is likely to be spent on highway improvements, with the rest of the £120 million used to invest in other county council-owned assets, with a particular focus on schools. The county council has already taken action in response to road conditions and having agreed in July to spend £10 million extra this year on the roads.
The council says that Oxfordshire’s expected growth in homes and council tax income is providing scope to borrow to invest that will, over the long term, save money.
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