Monday, February 21, 2011

Boris Johnson's Cable Car funding plunges into crisis

Tower Hamlets Residents Group Press Release:

Boris Johnson's Cable Car funding plunges into crisis.

- Newham Councils Clive Dutton declares Cable Car fully funded.
- TfL deny private funding in place.
- Boris Johnson's Cable Car private funding promise in pieces.

A Campaign against Boris Johnson building a Cable Car through London City Airport's crash zone have uncovered that funding claims are completely unfounded.

Clive Dutton , Newham Councils Director for Regeneration last week told an influential group of planning strategists at the NLA that the Cable Car was fully funded.

Not so say Transport for London who just issued us with this reply,

"Funding arrangements for the scheme are still being finalised,although we anticipate that third party contributions, fare revenues and sponsorship will be key elements"

This is a far cry from TfL and the Mayors original claims of it being private sector funded. Fare revenue and sponsorship will not generate cash till after completion so where will the funding to build the project is still a mystery.

TfL's own Cable Car Consultation document stated that:

"TfL will not be paying to build this project. Instead, the project will be privately funded and discussions are taking place with interested third parties"

The Mayor of London Boris Johnson has also stated

"The aim is to fund the construction of the scheme entirely from private finance"

The Mayor has already moved £1.2 million of taxpayer funded London Development Agency money into the scheme.

Resident Alan Haughton said

"We have gone from Cash Crisis to Crash Crisis. What should have been a simple, environmental way to cross the Thames has played out like an episode of The Office. Bad management, building through an airports crash zone , costs going from £25 million to £40 million and still no funding. Now if Boris Johnson could just perfect a David Brent style dance routine we may have found our opening act for the London Olympics"


Contact - 0790 515 6922

(1) NLA - http://www. event.php?id=227&name=nla_on_ location_investing_in_newham

(2) Cable Car Consultation Document http://www.architectsjournal. 5/PRINT%20FINAL.pdf

(3)BBC Funding report mindthegap/2010/12/12m_cable_ car_may_not_be_ready.html

(4) £1.2 million authorisation. runs-london/mayor/mayoral- decisions/md727