Highlights of the sham ‘loan’ & Lumley's latest gaff

6 Dec 2015

 

There are still many hurdles for the Garden Bridge Trust to overcome; these include many planning conditions that need to be discharged, a £30m shortfall in private funding, the ongoing investigations about the dodgy procurement processes, the mayor’s alleged ‘malfeasance in public office’ and a general lack of public support. Joanna Lumley’s latest clanger can be found in the following link where she announces that “Tremendously kind and rich people to give a garden to people who maybe never had a garden” Quite possibly the most condescending thing she has uttered…in the past few weeks anyway http://thepipeline.info/blog/2015/12/05/opinion-let-them-have-a-garden-bridge-says-joanna-lumley/

 

In the midst of this, Lambeth council’s leader Lib Peck is crowing about reducing the public liability for the £175m private Garden Bridge by £20m in the form of a ‘loan’ but this is a complete falsehood. Details of the sham ‘loan’ for the Garden Bridge Trust from TfL can be found here. The highlights are as follows:

 

1. The money will be transferred as two loans of £10M each, 7 months and 19 months from awarding the construction contract
2. The loans will only be made if TfL can be satisfied of a number of things, including that the Trust is likely to raise enough money to cover construction costs and five years maintenance and that all planning consents are granted. [Section 4]
3. The loans are not secured against the bridge or anything else.
4. The money may only be used to pay for construction, not maintenance, fund raising, marketing etc.
5. No payments need to be made until five years after the bridge opens
6. The loans run for fifty years after this.  So, rather than being a fifty year loan as has previously been claimed, it’s more like 56 years
7. Each year, the outstanding balance of the loans will increase by RPI or 2%, whichever is less.  That is, the maximum interest rate on the loan is 2%.
8. Each year from the fifth anniversary of opening, the Trust must make a payment of at least £250,000.  Note that only doing this for fifty years will leave shortfall of £7.5M in today’s money.

In summary, it’s an unsecured very long-term business loan at a heavily subsidised interest rate. If the Greater London Authority thinks this is a good deal, I’m sure there are lots of housing associations who would love to borrow under similar conditions.

 

Meanwhile, write to Lib Peck and tell her your concerns about the bridge; the destruction of protected views; the overcrowding on the South Bank; the wrong location of the bridge; over £60m plus £150m (for the ongoing costs guarantee) of public money given to a private conglomerate of multi-millionaires for an unwanted private folly. lpeck@lambeth.gov.uk

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CAMPAIGN AGAINST THE GARDEN BRIDGE

We are dedicated to saving public space on the South Bank and over the River Thames. The controversial Garden Bridge is not needed here, it would destroy protected views and is democratically and environmentally damaging. Help us stop this now.

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12/6/19 Garden Bridge failure should be likened to Kids Company scandal, MPs told

17/3/19 Minister: it’s ‘unfortunate’ we spent £43m on Garden Bridge

13/2/19 Garden bridge charity spent £53.5m with no construction, TfL finds

12/12/18 Garden Bridge Trust claims £5m of public money for wind-up costs

31/7/18 Garden Bridge backers 'may have breached legal duties'

31/7/18 Garden Bridge trustees may have ‘breached their legal duties’ says QC

01/03/18 Boris Johnson defends garden bridge plan that will cost public £46m

01/03/18 Boris Johnson blames Garden Bridge project blunders on successor

28/02/18 Boris Johnson could face investigation over Thames garden bridge

14/8/17 London's Garden Bridge project officially abandoned

14/8/17 London's Garden Bridge project scrapped

6/7/17 Soothing the Garden Bridge’s troubled waters

22/6/17 Standards commissioner examines complaint against Garden Bridge review

11/5/17 Good riddance to the Garden Bridge: an eye-watering waste of public funds by Walter Menteth

29/4/17 Lumley fights on for her fabulous bridge

 

28/4/17 The garden bridge is dead – now £37m of public money must be repaid

 

28/4/17 Garden Bridge: London mayor Sadiq Khan withdraws support

 

16/4/17 Garden bridge project is a landmark of the post-truth era

15/4/17 A garden bridge to nowhere

7/4/17 Garden Bridge should be scrapped, Hodge review finds

 

27/3/17 Garden Bridge could cost £22 million more than forecast

10/3/17 MP warns mayor over Garden Bridge’s cost to taxpayer

 

28/2/17 Garden Bridge Trust cleared of financial irregularities

23/2/17 Top criminal QC raises ‘serious concerns’ over Garden Bridge contest

9/2/17 London garden bridge case weaker now than in 2014, says Treasury official

8/2/17 Garden Bridge: all-party pressure on Sadiq not to sign guarantee

15/1/17 Let’s not be led any further up the garden bridge

 

11/01/17 London garden bridge project's future is in doubt, say trustees

5/01/17 "If 2016 was the Year of Bullshit, then the Garden Bridge could be its monument”

27/12/16 Garden bridge charity warns more delays could terminate project

16/12/16 MPs investigating Garden Bridge question need for scheme

14/12/16 Letter from PAC chair Meg Hillier to  Treasury Permanent Secretary

9/11/16 TCOS response to the GBT's misleading autumn newsletter

16/10/16 Controversial garden bridge to cost public total of £50m – even if it fails to go ahead

11/10/16 Mayor must refuse to sign the Garden Bridge maintenance guarantee: statement on NAO report

11/10/16 David Cameron 'ignored civil servants over Garden Bridge funding'

11/10/16 Department for Transport ignored official advice not to risk public money on Garden Bridge

22/9/16 London’s garden bridge would benefit only the rich

22/9/16 Dame Margaret Hodge MP to conduct review into Garden Bridge project

7/9/16 Garden Bridge Adjournment Debate in the House of Commons led by Kate Hoey MP

17/8/16 £22m gap in Garden Bridge funds - Newsnight investigation

 

5/8/16 Thames garden bridge delays raise risk of major boat collision – expert

29/7/16 Garden bridge charity delays publishing annual accounts for five months

 

25/7/16 Garden Bridge: Tough questions for £175m Thames project

24/7/16 HS2 and the garden bridge are vanity projects – it's not too late to scrap both

21/7/16 Garden bridge may need taxpayer bailout once built, report says

11/7/16 Sadiq Halts Work On Garden Bridge

30/6/16 National Audit Office investigates London garden bridge grant

 

19/5/16 London's garden bridge: visitors urged to donate on Thames crossing

21/4/16 Boris Johnson accused of misleading politicians over garden bridge

 

17/4/16 Why did Sadiq Khan change his mind over the Garden Bridge? He's fallen for the sunk costs fallacy

14/4/16 Council consultation row over Garden Bridge

 

5/4/16 Lambeth’s Garden Bridge decision to face scrutiny

 

1/4/16 Joanna Lumley proposes Thames ‘Allotment Ferry’

 

1/4/16 Giant Boris Gnome planned for Garden Bridge

 

24/3/16 Architects and critics in last-minute plea to stop Garden Bridge

 

21/3/16 The Garden Bridge project reeks of cronyism and improper process. And here are the other 25 problems with it

 

18/3/16 London's Boris Johnson 'chided' over Garden Bridge design contract

 

9/3/16 Toilets and terrorism: Lambeth approves Garden Bridge plans 

 

7/3/16:  Garden Bridge: London council allegedly threatened over Thames project - by Peter Walker

 

7/3/16 Taking the piss out on the Garden Bridge - by George Turner

 

6/3/16 Thames garden bridge faces last-ditch challenge from local politicians - by Peter Walker
 

3/3/16 Lambeth could take Garden Bridge decision behiind closed doors - by James Hatts

 

1/3/16 Caroline Pidgeon pledges total opposition to the Garden Bridge - by Caroline Pidgeon

 

February 2016 ‘Thames Garden Bridge Procurement issues’ Walter Menteth, Project Compass CIC.

24/2/16 "On Bullshit" & the Garden Bridge - by Dan Anderson

 

14/2/16 Garden bridge: a project promoted and sold with half‑truths, deceptions and evasions - by Rowan Moore.

 

14/2/16 You've had your fun - let's put the Garden Bridge to bed now - by Rachel Holdsworth

 

13/2/16 Why is London's Garden Bridge worth as much as five Lancashire museums? Ask Joanna Lumley - by Ian Jack

 

12/2/16 London's Garden Bridge is exposing the messy business of architecture competitions - by Diana Budds

 

10/2/16 London Green party call halt to privatisation of public space in London - by Sian Berry

 

10/2/16 Is it still possible to stop the Garden Bridge? - by Will Wiles.

 

9/2/16 Garden Bridge procurement statement from RIBA - Jane Duncan

 

31/1/16 Muddy Waters - Jobs for the boys - by Walter Menteth

29/1/16 The Garden Bridge subverts the lessons of history - by Dan Anderson

 

20/1/16 Boris Johnson evades Tom Copley AM's questions about the Garden Bridge

 

20/1/16 Londoners' money put at risk by the Garden Bridge  - by Will  Hurst

 

17/1/16 George Osborne under attack overGarden Bridge cash pledge - by Mark Townsend

 

21/11/15 Why we must stop Thomas Heatherwick's Garden Bridge - by Jack Wakefield

 

17 Sept 2015. GLA Oversight Committee Agenda Item 8, p71-72. Walter Menteth Report submission to the GLA Oversight Committee to inform their examination into the procurement of the design and technical services for the Thames Garden Bridge. Document review, analysis, report & response to GLA questions by Walter Menteth of Project Compass CIC as expert witness on behalf of industry. 34p.