TORY proposals to set up a Bank of Colchester if the the party wins control of the Town Hall at the next election have been welcomed by some local businesses and community groups.

Others remain sceptical the party’s manifesto pledges would ever be implemented – always assuming, of course the party is successful in next May’s local elections.

Kevin Bentley, Conservative opposition leader on the borough council, says the council’s own bank could help first-time buyers.

Other manifesto pledges would seek to channel business rates into local projects and give parish councils and residents’ associations more to spend.

Councillors from the parties currently in control at the Town Hall have been quick to dismiss the plans as unworkable.

However, Colchester estate agent Barry Hayes, welcomed the idea of the council helping first-time buyers. Mr Hayes, sales manager at Boydens, based in Crouch Street, said: “Anything to assist a first-time buyer getting hold of funds would be great. It would, in turn, assist the whole property market by kicking off a chain of events.”

The Tory manifesto also includes schemes the party promises would give more cash to communities. Peter Clements, mayor of West Mersea, said it would be “delightful” to get more money to spend on the island, but remained sceptical if it would ever actually happen.

He said: “The town council has lost a lot of power over spending to the borough council. To claw some of it back would be great. But every party talks about passing more power down when they’re in opposition. It never seems to happen when they get in – and don’t forget, the Conservatives haven’t won control of the council yet.”

Jo Edwards, of Colchester Federation of Residents’ Associations is keen on giving funds to people to spend on their own projects. She said: “Very often, a community wants to set up a residents’ association, but is lacking the money to hold a meeting or get things started.”

A Tory pledge to push the Government to allow a tenth of local firms’ business rate money to be invested in the local economy has also been welcomed.

Iain Wicks, chairman of the Essex Federation of Small Businesses, said: “Retaining business rates areas, providing it’s ring-fenced for economic activity, is an excellent idea.”