Search

Redbridge Council earmarks £60million for investment

PUBLISHED: 17:22 03 February 2016 | UPDATED: 17:30 03 February 2016

Redbridge Town Hall

Redbridge Town Hall

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.

Cabinet will meet on Tuesday at the town hall.


If you value what this story gives you, please consider supporting the Ilford Recorder. Click the link in the orange box above for details.

Become a supporter

This newspaper has been a central part of community life for many years. Our industry faces testing times, which is why we're asking for your support. Every contribution will help us continue to produce local journalism that makes a measurable difference to our community.

Latest from the Ilford Recorder