Ipswich Conservatives have criticised the Labour-led Borough Council for failing to deliver long-promised regeneration projects, after it was revealed during Full Council that the authority has earned £990,000 in interest from money allocated by the previous Conservative Government to improve the town.
The Towns Deal Fund, awarded to Ipswich by the then Government, was designed to revitalise key sites, boost local business, and create opportunities for residents. However, more than three years after the funding was secured, Labour councillors have been slow to act, with many projects still stuck in planning stages or yet to begin.
During questioning at Wednesday's meeting, Conservative councillors asked the Labour administration:
“Could you provide an approximate value to the interest earned by this Council due to holding the money for the Towns Fund projects?”
The response confirmed that approximately £990,000 has been generated in interest, money that has clearly accumulated because the Council has been sitting on the fund instead of investing it in the people of Ipswich.
Cllr Ian Fisher, Leader of the Ipswich Conservative Group, said:
“This is nothing short of scandalous. The Conservative Government trusted Ipswich Borough Council with millions to regenerate our town, but Labour has dragged its feet. While residents see little progress on the ground, the Council quietly earns millions of pounds in interest, effectively using regeneration money to prop up its own finances. Ipswich deserves better.”
Cllr Sam Murray, Deputy Leader of the Ipswich Conservative Group, added:
“This money was meant to transform Ipswich, not sit in a bank account. Residents were promised change, investment, and a brighter future for the town centre but all they’ve seen is delay after delay. The people of Ipswich deserve to see the benefit of this funding now, not watch it gather interest so Labour can hide financial mismanagement while projects stall.”
