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For sale: our last few public assets
• THE final figure of £70 million being paid for the premises of 220 small businesses, as opposed to the original quoted figure of £45 million for 250 premises, begs the question of whether the original price was undervalued (and who would reap the profit) or whether the ultimate price was overvalued to force small businesses to pay more (Ask me anything – tycoon, June 8).
Between February 22 and June 1, £25 million was added to the sale price. An important question to be asked of councillors who voted for this sale to an “individual” (as opposed to the property being put out to tender or auction) is whether they were aware of the difference in sale value that would ultimately be announced and whether there should be an investigation.
Many residents might approve of a higher sale price, albeit at the expense of 220 small businesses and livelihoods, with homes being lost for ever, but few will bother to check how this windfall is going to be spent, perhaps on higher wages and expenses for councillors, and on putting more into their pension funds. This can hardly be claimed as a benefit to the whole community.
By the end of the Lib Dems’ reign in Islington there will be no public assets left to sell off. They started by selling the “family silver” (public and civic buildings) and are finishing by selling the “freeholds and land of public assets” that contributed annually by paying rents as well as providing a service to our varied communities.
When all these resources are sold off and there is no annual income left, council taxes will increase and the sufferers affected will be all Islington residents.
HELEN CAGNONI
Wilmington Square, WC1 |
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