Corby Borough Council set to borrow £71m more for housing

A borough council in Northamptonshire has said it will have to borrow an extra £71m in next year's budget for housing stock.

Labour-controlled Corby Borough Council said it needed the money because of a government initiative to hand housing stock over to councils.

The authority is already £47m in debt and the extra money would increase its debt to £118m.

It would also mean that Corby would have to pay £2.3m in interest per year.

Council leader Tom Beattie said: "We have been put in a position where we have to borrow this money because of this government initiative. It is not our choice."

The government is expected to comment later.

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