Town centre regeneration will leave Maidenhead with 'price to pay,'

RBWM is continuing to back the transformation of the town centre despite the revelation of business rates losses, leading to a bigger budget deficit. Savings of £18m will need to be made, according to the Royal Borough's 2023/24 to 2027/28 medium-term financial strategy, which sets out financial planning and management.

The savings will need to be made over the next five years if government grants or setting council tax past the 1.99 per cent cap is not forthcoming. This includes making £7.3m-worth of savings next year, £1.8m in 2024/25, £2.9m in 2025/26, £3.1m in 2026/27, and £2.4m in 2027/28. The report warns £3m could be added each year if government does not cover the additional costs from the adult social care reform, but this is a “guestimate”.

Growing inflation and costs, consequences from the pandemic, and pressures on adult social care are to blame for this blackhole. The council also has low levels of reserves that are ‘insufficient’ to absorb financial pressures. The Royal Borough of Windsor and Maidenhead is also in a unique position of having the fourth lowest council tax in the country, which made the local authority miss out on additional income.

However, Cllr David Hilton (Con: Ascot & Sunninghill), lead member for finance, said £7.2m of the £18m is a loss of business rates as a “direct consequence” of Maidenhead’s regeneration. This major transformation involves knocking down buildings in the town centre, including the Nicholsons Shopping Centre, for new homes, business and office space, and a car park at Vicus Way.

Speaking at a cabinet meeting on Thursday, July 22, Cllr Hilton said: “There is a price to pay but by golly, the outcome of this regeneration is going to transform Maidenhead for the benefit of everybody who lives in Maidenhead and equally for everyone who lives in the borough. I’m speechless to think that somebody might think it was the wrong thing to do.”