They're out of fucking control, awarding themselves a secretive loan.
Lambeth Council Cabinet agrees to loan £300M of public money to Homes for Lambeth – despite warnings from local residentsLambeth Council Cabinet agreed on Monday evening to loan £300M to the newly formed Homes for Lambeth company – despite claims by residents that there is no business plan and no explanation about how the loan will be repaid.
The Labour Cabinet unanimously agreed at the Town Hall meeting to adopt the Homes for Lambeth Business Plan [pdf]. This will allow £300M of public money to be loaned out to the private company to kick start the estate regeneration programme.
The initial funding will be used across the first three estates that the Labour group wants to regenerate: Knight’s Walk, South Lambeth and Westbury.