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Headline

Garden Bridge Trust inquiry: charities regulator publishes report

Comment

The charity still need to raise at least £70,000,000 to start building the project (more likely £100,000,000 as they have stated they can't confirm the outturn cost at this stage). In addition to this the charity must secure in trust around a further £15,000,000 to provide income to supplement their projected income (including that which they expect to take in payments similar to what Paul Finch describes above) to cover the maintenance bill of up to £3m annually, for the lifetime of the bridge in its proposed form. They must do this to secure the Mayor's signature on the guarantee which is subject to a planning condition. They need to raise this approximate minimum of £85 million with just months if the Westminster Council stand by their recent demand that all the money must be in place prior to starting on site. The planning consent expires later this year. Even with all the questions about value for money, environmental damage, possibly illegal procurement it is clear that there are powerful and influential people that want this to happen. If in the next few months the charity announce that they have secured all the funding then it will demonstrate clearly one of two things. Either their team is amazing and despite the many polls showing that as many as 70% of people think its a bad idea they have convinced a billionaire benefactor that her or his legacy is best displayed set in concrete and cupronickel; or; the UK is a top down society where it is less important how much good your cause will do than it is who you know. Either way its going to be interesting.

Posted date

28 February, 2017

Posted time

4:18 pm

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