Newham council's Carpenters Estate regeneration project in Stratford has encountered significant financial challenges, with borrowing costs soaring from £845 million to £1.4 billion. Concerns raised by councillors about leaving future generations with a substantial debt led to increased scrutiny. The project, aimed at delivering 2,300 homes, with half designated as affordable social housing, has been impacted by inflation and safety regulations. The build timeline has also been extended from 11 to 14 years. Councillor Joshua Garfield expressed fears about budget sustainability, urging caution against excessive borrowing for future generations.
"I worry by the time our successors are sitting here, the only thing the General Fund will be paying for is temporary accommodation and this interest. There will be no other money in the budget."
"The project had been hit by inflation, costs on new building safety requirement and an increase to the total number of homes, leading to an extension of the build programme from 11 to 14 years."
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