Eastleigh Borough Council owed almost £280 million in short-term loans to councils and other public bodies, newly released records show.
The authority’s loan register lists lenders ranging from Cornwall Council to the West Midlands Police and Crime Commissioner, as well as combined authorities, pension funds and other councils.
The loans were listed in the register as outstanding on March 31, 2026, meaning some may since have been repaid, renewed or replaced.
The biggest named lender was Cornwall Council, which had provided two £10 million loans – one at 4.20 per cent, due to be repaid on June 16, 2026, and another at 4.38 per cent, due to be repaid on September 21, 2026.
Read more
A31 reopens after New Forest wildfire damage
'Immaculately presented' Woolston home on the market for £375,000
'Beautifully presented' Southampton home for sale for £275,000
ABP reveals £1bn Southampton economy boost generated from cruise industry
Eastleigh also had £15 million in loans from West Yorkshire Combined Authority and the Police and Crime Commissioner (PCC) for West Midlands.
A spokesperson for the West Midlands PCC confirmed the £15 million loan to Eastleigh Borough Council was repaid on time.
The loan carried an interest rate of 4.85 per cent and was repaid on June 8, 2026.
The spokesperson said all treasury activity was carried out in line with the PCC’s treasury-management policy.
They added: “Treasury activity is undertaken in order to ensure that cash balances are loaned for reasonable rate of return, and not directly linked to reserves or the reason why the cash is being held.”
The loan was arranged through the West Midlands Police finance team, which has delegated responsibility for day-to-day cash management and treasury activity, the spokesperson said.
The West Yorkshire loan was at 4.15 per cent and due to be repaid on July 15, 2026, while the West Midlands loan carried the highest interest rate – 4.85 per cent – and was due to be repaid on June 8, 2026.
Other significant lenders included East Midlands Combined County Authority, with £15 million across two loans; Oxfordshire County Council, with £11 million; and East Suffolk Council, the London Borough of Bromley, West of England Combined Authority, Guildford Borough Council and Oxfordshire County Council Pension Fund, each with £10 million listed.
The register also names Havant, Mole Valley, Brentwood, Horsham, Uttlesford, Blackburn with Darwen, Broxbourne and Lisburn and Castlereagh City Council among Eastleigh’s lenders.
The loans form part of Eastleigh’s £620.1 million total borrowing, rather than being additional debt.
Of that amount, £280.1 million was classed as short-term borrowing, with £340 million long-term.
As previously reported by the Local Democracy Reporting Service, the council had £611.3 million of loans still to repay, plus £8.8 million in interest which had built up
Its external interest bill for 2025/26 was £13.2 million.
Eastleigh’s short-term borrowing increased by about £45 million in the last financial year, from around £235 million at the end of March 2025 to around £280 million as of March 2026.
Share