Value for money?

24 May

By Iain Aitch

Is £4m per job good value for our money, Sir Robin?

The recent raids by HMRC at the London Stadium (Olympic Stadium in old money) may have had some Newham residents worrying about their £40m investment in West Ham’s new ground. The council tax-payer’s hard earned cash is due to be paid back over the next 40 years, but you may well wonder what we are getting for our investment, bar a few free tickets for Mayor Sir Robin Wales and his cabinet. 

With this in mind, I set about composing a Freedom of Information request, basing my questions on the promises made by the council. They were not forthcoming on the number of free tickets handed out, promising the information on the 100,000 promised would be made public at the end of the football season (which has already passed). 

But what was most interesting was the promise around jobs. The council promised up to 75% of jobs at the stadium would go to local residents. The reality is, ahem, somewhat different and wholly disappointing. The actual number is 20%. And full time jobs? Just 10 (ten). I make that 0.8% of total jobs at London Stadium. 

That makes £4m of investment per job. Of 1,207 jobs in total, this 10 is in addition to 253 Newham-ites on casual contracts. A pathetic return and, if chatter amongst old hands is anything to go by, this number may be reduced radically next season. 

You can see the FOI and stats for yourself here (HTML) or here (PDF).

Iain Aitch is an author and journalist who lives in Newham. He has written for the Guardian, Daily Telegraph, Sunday Times and Financial Times.

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3 Responses to “Value for money?”

  1. Down to Earth May 24, 2017 at 19:18 #

    Stadium share bought with Prudential Borrowing, scrutinised for a return on hard cash by those hard-faced men & women of HM Treasury.

  2. urriti May 24, 2017 at 19:46 #

    You cann’t blame wales, les ‘lobo’ hudson told him it was ok.

  3. John McHale. May 30, 2017 at 15:39 #

    This FOI response reveals a truly shocking and absolutely outrageous state of affairs.

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