Debt crisis stalking city, warns Burns

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A “SLOW burning financial crisis” is gripping the Capital, according to the leader of Edinburgh’s main opposition group.

Councillor Andrew Burns, leader of the Labour group in the City Chambers, has raised concerns about council debt.

Although the Liberal Democrat/SNP budget appeared to pass relatively smoothly last week, he claims that the city remains in a crisis.

The council has £1.5 billion of debt, although officials do not believe it is a cause for concern for a council of Edinburgh’s size.

Cllr Burns said the debt equated to £3000 for every man, woman and child in the city, costing the taxpayer £110 million a year in repayments, equating to 11 per cent of the annual revenue budget.

He said: “Glasgow may have grabbed the press attention, but here in Edinburgh there’s a quieter but much more serious slow-burning, financial crisis stalking the City Chambers.”