£52m Garden Bridge 'Funding Gap'

Will Noble
By Will Noble Last edited 48 months ago

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£52m Garden Bridge 'Funding Gap'

There's a £52m gap in funding for the Garden Bridge — £22m more than previously thought, a BBC Newsnight investigation has uncovered.

Of the £175m needed to complete the controversial crossing between Waterloo and Blackfriars bridges, £60m has been funded by the taxpayer, with the remainder left down to private pledges.

Here, claims the BBC, lies the problem; with 'several funders' pulling out, the shortfall that previously stood at around £30m is more likely to be in the region of £52m.

Chairman of the Garden Bridge Trust Lord Davies told Newsnight project delays meant costs rose £10m, and admitted the trust had raised £15m less than previously stated.

It's another blow to the bridge that potentially less than half of Londoners support.

Mayor of London, Sadiq Khan, has said the Garden Bridge should go ahead, owing the amount of public money that's already gone into it — but added that the taxpayer shouldn't pay another penny towards it.

Khan's stance has led to speculation that perhaps he is cancelling the project 'by stealth'.

The bridge's designer, Thomas Heatherwick, told the BBC that the bridge is being used as a political football: "It is ready to go," he said, "and it is important that our society doesn't show that we suddenly have no confidence in ourselves..."

Last Updated 18 August 2016