PLANS to hold a scaled-down AiR Festival in Redditch this summer have been scrapped completely after last year's event was branded a "financial disaster".

Councillors made the shock decision to call off a second festival at an extraordinary meeting on Thursday night.

But until the meeting, the council had insisted it would be holding a low-key version of last year's festival, which included performances from stars Jools Holland and Natasha Bedingfield and cost council taxpayers a massive £664,000.

The council originally said this year's festival would have a budget of just £100,000 and would feature street performers, food from around the world, water competitions and a large procession, all taking place at Arrow Valley Lake in July.

This was to be topped by an "extraordinary" high wire walk across the site by Ranib Kelvink, famous for walking between two New York skyscrapers.

But on Thursday, councillors conceded even a scaled-down festival was not financially viable.

Conservative Councillor Michael Braley said: "Last year's festival was a financial disaster for this council. Inadequate planning went into it and this huge bill is the result.

"Even the costing for this reduced festival seemed ridiculous to me and was of concern to most councillors.

''I'm glad this council has now seen sense and decided to have nothing to do with a festival this year.

"A lot of council officers did unpaid overtime to organise last year's event. If they had been paid for their time and effort, the bill would have been even bigger."

Conservative group leader Carole Gandy said: "I think it's dreadful the young people of this town have had their expectations built up over a possible festival this year when the Labour group knew this council simply couldn't afford it after last year.

''Redditch's young people will now be highly sceptical of anything this council promises to deliver."

And Liberal Democrat group leader Nigel Hicks said: "Just like the entertainment promised for this year, Labour was walking a tightrope with last year's event and fell off dramatically."