Number crunching

20 Jul

The council is shortly going to consult residents on the £50 million of savings it is going to have to make as the result of central government funding cuts.

Here are a few numbers to put that into context:

  • £563.5 million – amount borrowed in so-called ‘lender option, borrower option’ (LOBO) loans
  • £37.2 million – ‘cost of capital financing’ (i.e. interest on loans, including LOBOs) in 2014/15 (budget)
  • £111 million – cost of buying and refurbishing Newham Dockside as the council’s new HQ
  • £40 million – amount ‘loaned’ to help convert the Olympic stadium for use by multi-millionaire-owned West Ham United
  • £5 million – additional amount to be invested in retail & merchandising ‘opportunities’ in the Olympic Park 
  • £4.7 million – amount lost on the council’s ‘investment’ in the short-lived London Pleasure Gardens
  • £7.1 million – estimated loss of rental income due to voids on Carpenters Estate up to 31st March 2014
  • £2.1 million – estimated loss of council tax due to voids on Carpenters Estate up to 31st March 2014
  • £7 million – amount Newham had invested in Icelandic banks when they crashed in 2008 (and only recently recovered)
  • £1.2 million – annual allowances paid to the mayor and councillors
  • £0.6 million – estimated annual cost of the Newham Mag

2 Responses to “Number crunching”

  1. d July 20, 2015 at 17:05 #

    Step forward, a captain of industry, Sir Robin Wales – NOT. He’d bankrupt a sweet shop.

  2. Hugh Barnard July 21, 2015 at 12:17 #

    Thanks, this explains my sarcasm here: too. Actually the ‘Olympics’ stuff including the ‘loan’ would probably cover most of it. It’s horribly disingenuous to make this entirely central government’s fault.

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