Newham residents offered reassurance over Olympic Stadium bid funding
The Olympic Stadium bid will not impact on people living in property to rent in the London borough of Newham, according to the council.
Newham Council confirmed there will be no effect seen on day-to-day spending or on council tax for residents in the borough.
West Ham United will rent the Olympic Stadium from a company, which will in turn loan the venue from Newham Council.
A council spokesperson said: "Any borrowing the council undertakes to finance the loan for the stadium will not cost our taxpayers a penny, nor will it impact on services.
"It has nothing to do with our revenue budget, which is for the council's day-to-day spending because repayments from the stadium company will cover the cost of council borrowing."
Residents living in flats to rent in the London borough of Newham will be put first when the council makes its Budget, Sir Robin Wales, the mayor of Newham, said recently.
Posted by Chris Price
Published 7th March, 2011
© 2011 Estates IT Limited
London Rental Property News By London Borough / Category
Latest London Property News Headlines
Edmonton is one of the most ethnically diverse areas in London, with plenty of schools, shopping centres and ancient buildings of historical interest.
Read Article ... Published on 25th July, 2014
Cockfosters is a quiet leafy suburb of North London, which lies partly in Enfield and in Barnet.
Read Article ... Published on 4th July, 2014
The demand for rented property in London is at its highest ever levels, according to new findings.
Read Article ... Published on 22nd July, 2014
A new 24,000-home regeneration scheme is underway in Hammersmith & Fulham, according to new findings.
Read Article ... Published on 21st July, 2014
Beckton is an urban district located in East London. It is part of the borough of Newham. It has often received a bad reputation over the years, due to its reputation for anti-social behaviour and crime.
Read Article ... Published on 18th July, 2014
Over £310 million has been pumped into a regeneration project in Camberley, Surrey it has been revealed.
Read Article ... Published on 17th July, 2014
An affordable housing scheme is underway in Tottenham and was recently launched by MP David Lammy.
Read Article ... Published on 16th July, 2014
Multi-million pound regeneration plans are set to breathe new life into Surrey, it has been revealed.
Read Article ... Published on 15th July, 2014
Hackney Council has outlined plans to build hundreds of new homes across the borough it has been revealed.
Read Article ... Published on 10th July, 2014
Mortgages are becoming more and more unaffordable for Londoners, according to new findings. A report published by Nationwide revealed that all regions in the UK saw annual price rises in the second quarter of this year.
Read Article ... Published on 8th July, 2014