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Trafford Council borrows £7m for two weeks 'to help ease cashflow issues'

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A council has had to borrow £7 million for two weeks to help ease cashflow issues. Trafford Council confirmed it had to source the funds as a routine borrowing exercise and highlighted that it was not as a direct result of the COVID-19 outbreak.

The sum, with an interest rate of 2.5 per cent, was taken out on Wednesday March 25 2020 and will have to be fully repayed with interest on Wednesday April 8 2020.

It is understood the cost of the borrowing will be met from within the authority's existing budget. The council explained this is "routine" borrowing which forms a part of their treasury management strategy.

In total, on April 8, the council will have to pay back £7,175,000 including interest. As part of its borrowing and lending strategy

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United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
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Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
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