Hadleigh councillors have agreed to pay back a loan taken out in 1955.

Almost 66 years ago a sum of £409 was lent by Public Works Loans Board to the then Hadleigh Urban District Council to buy The Millfield, which is now home to Hadleigh United FC who lease the land from the council.

Hadleigh Matters committee members last night voted to pay the loan back in full, 14 years early, if permitted by the PWLB. This loan was advanced on April 29 1955 for a principal amount of £409.00 with interest paid at 4% and would mature on 17 March 2035.

The remaining principal balance is £181.49 is currently being paid via twice yearly repayments of £8.52 including interest. The total amount repayable would be about £235 (subject to interest rate fluctuations on day of repayment).

Rolf Beggerow, chairman of the Hadleigh Matters committee and Hadleigh United, revealed how council staff had found the ongoing loan dating back to 1955. He added: "The officer is quite sensibly reporting this to us and asking us to settle this loan to avoid ongoing administration and we should tidy up."

Cllr Beggerow proposed the motion that the loan should be paid off, with Cllr Andrew Knock his seconder, and the vote was carried unanimously.

Back in 1955, £409, would have been equivalent to just below the average salary for a worker in East Anglia, and bought you 3,408 pints of milk. Meanwhile a pint of stout would have cost one shilling and four old pennies (6.5p). More prices from 61 years ago below.

1955 prices (today's equivalent)

Average family house - £1,990 (£46,930)

Litre of fuel - 5p (£1.23)

Pint of milk - 12p (£2.87)

Bacon 400g - 22p (5.43)

Sugar 1kg - 7p (£1.80)

Source: Hillarys using data from the Office for National Statistics, the AA, the Nationwide Building Society and the National Archives. using new currency and weights.