Purpose

Due to changes in the economic climate, options are being provided to stop or proceed with this project.

Decision

RESOLVED that Cabinet agrees the Preferred Option, to stop the project and not to proceed with Phase 2 of installation of fibre and ducting.

Voting: Unanimous

Portfolio Holder(s): Leader of the Council and Portfolio Holder for Dynamic Places

Deputy Leader and Portfolio Holder for Connected Communities

Reason

(i)       Due to recent and potentially future volatility with interest rates, changes in market conditions and increases in construction costs there is now less certainty about the viability of the business case.

(ii)      The project does not meet the current administration’s criteria for PWLB borrowing.

(iii)     Derisks the ongoing project for the council and aligns with the current Corporate Strategy, ‘working with partners, removing barriers and empowering others’.