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| London Transport (uk.transport.london) Discussion of all forms of transport in London. |
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#1
December 5th 12, 05:18 PM
posted to uk.transport.london,misc.transport.urban-transit,uk.railway
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London Battersea Northern Line extension now done with a loan?
Phil Cook wrote:
On 05/12/2012 16:36, Anthony Polson wrote: d wrote: On Wed, 05 Dec 2012 15:09:58 +0000 Anthony Polson wrote: I am bitterly disappointed that the extension of the Northern Line to Battersea will be funded using taxpayers' money. Why? There are other people living there already you know, it won't just be for the new estate. Apparently the new estate would be unviable without the Northern Line. So the developers should pay, or at least make a significant contribution. Not to do so suggests either that the development is only marginally viable (I think we can probably discount that) or some grubby deal has been done in which political representatives and/or their party(ies) will benefit in some way. developers to paying £1 billion for the extension of the Northern Line, one has to wonder whether the outlay of taxpayers' money will ever be recouped. Mr Osborne announced: “As one of the first projects to benefit from this scheme, the Government will provide a UK Guarantee to allow the Mayor of London to borrow £1 billion at a new preferential rate to support the Northern Line Extension to Battersea scheme, subject to due diligence and the agreement of a binding Funding and Development Agreement with developers, the Mayor of London and partner authorities during 2013. “The Northern Line extension to Battersea is key to the redevelopment of Battersea Power Station and the regeneration of an historic part of London. "Government intervention has the potential to enable an £8 billion investment at the Battersea Power Station site, supporting the wider redevelopment planned for Vauxhall, Nine Elms and Battersea." What relevance has any of that to whether the taxpayers' £1 billion will ever be recouped? When there are plenty of proposed capital projects with benefit/cost ratios of 2.0 or greater waiting for Treasury funding, projects that will benefit the nation as a whole, why on earth is £1 billion of taxpayers' money going to be spent on supporting a private developer's pipe dream? |
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#2
December 6th 12, 11:10 AM
posted to uk.transport.london,misc.transport.urban-transit,uk.railway
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London Battersea Northern Line extension now done with a loan?
"Anthony Polson" wrote in message ... Phil Cook wrote: On 05/12/2012 16:36, Anthony Polson wrote: d wrote: On Wed, 05 Dec 2012 15:09:58 +0000 Anthony Polson wrote: I am bitterly disappointed that the extension of the Northern Line to Battersea will be funded using taxpayers' money. Why? There are other people living there already you know, it won't just be for the new estate. Apparently the new estate would be unviable without the Northern Line. So the developers should pay, or at least make a significant contribution. Not to do so suggests either that the development is only marginally viable (I think we can probably discount that) or some grubby deal has been done in which political representatives and/or their party(ies) will benefit in some way. developers to paying £1 billion for the extension of the Northern Line, one has to wonder whether the outlay of taxpayers' money will ever be recouped. Mr Osborne announced: "As one of the first projects to benefit from this scheme, the Government will provide a UK Guarantee to allow the Mayor of London to borrow £1 billion at a new preferential rate to support the Northern Line Extension to Battersea scheme, subject to due diligence and the agreement of a binding Funding and Development Agreement with developers, the Mayor of London and partner authorities during 2013. "The Northern Line extension to Battersea is key to the redevelopment of Battersea Power Station and the regeneration of an historic part of London. "Government intervention has the potential to enable an £8 billion investment at the Battersea Power Station site, supporting the wider redevelopment planned for Vauxhall, Nine Elms and Battersea." What relevance has any of that to whether the taxpayers' £1 billion will ever be recouped? ISTM that stamp duty (at 3 or 4%) on 8 billion pounds of house sales will go some way towards it (250-300 milliion) Not to mention the ongoing council tax collected from a site that is currently derelict and paying nothing in local taxes tim |
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