Redbridge Council earmarks £60million for investment

Redbridge Town Hall

Redbridge Town Hall - Credit: Archant

The council has earmarked tens of millions pounds which could be borrowed for future investment projects in Redbridge.

The strategy and resources service committee passed recommendations which identified the potential to borrow £60m in order to invest at a committee meeting yesterday.

Opposition leader Cllr Paul Canal (Con, Bridge) questioned whether borrowing a total of £100m and leaving £60m unaccounted for was a good idea at the meeting at Redbridge Town Hall, High Road, Ilford.

Cabinet member for finance and support services Cllr Kam Rai (Lab, Goodmayes) said: “It’s not borrowing, it’s earmarking capital. It’s not actual borrowing.”

“We want to invest, we’re ready and willing to use that money – it could be for a composition of projects, each one will be assessed case by case.”

Cllr Canal said: “I am not content on supporting this at this stage.”

The proposal will go to cabinet before it goes to budget council.

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Cabinet will meet on Tuesday at the town hall.

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