Garden Bridge unlikely to raise enough private funding to protect the taxpayer, says official review

This bloody thing again. Image: Heatherwick.

Another month, another nail in the coffin of Boris Johnson’s last vanity project for London.

This week it’s Dame Margaret Hodge, the Labour MP for Barking and former chair of the Public Accounts Committee, who is calling for the Garden Bridge to be stopped. Dame Margaret was asked to review the scheme by Bozza’s replacement as London mayor, Sadiq Khan, last September, in which looked suspiciously like a step towards the long grass.

And would you believe it? Her report has found that n large but uncertain share of the cost looks likely to fall on the taxpayer, rather than the private backers we’d all been promised. She concludes that the whole thing should be halted until the promised finance materialises.

Here’s are some extracts from her report, annotated with my headlines.

The taxpayer contribution keeps on creeping upwards...

The original ambition to fund the Garden Bridge solely through private finance has been abandoned. Furthermore the goalposts have moved several times and each time the risks to the taxpayer have intensified.

As does the price...

Looking to the future, the costs of construction have escalated and are likely to increase further. What started life as a project costing an estimated £60 million is likely to end up costing over £200 million.

Those private investors are nowhere to be seen...

At the same time the Garden Bridge Trust has lost two major donors and has only secured £69 million in private funding pledges, leaving a gap of at least £70 million that needs to be raised for the capital investment. No new pledges have been obtained since August 2016.

And that ain’t likely to change....

At the same time I am sceptical that the Garden Bridge Trust will succeed in raising all the private capital monies required and I am firmly of the view that more public money will be needed to complete the construction....

...because not everyone in London is Joanna bloody Lumley...

The project has become very controversial with the public. If the Garden Bridge is not treasured by the public in the same way that it is by its creators, then the business model, based on raising private finance is far less likely to succeed. Philanthropists will be cautious about associating themselves with the project.

Last but not least...

I do not believe the Trust will secure the philanthropic support it needs to fund the ongoing management and maintenance of the Garden Bridge.

This last bit sounds dull but is, in some ways, the real kicker. Raising investment to build the thing is in some ways the easy bit: rich people like being able to point to a thing and think “I did that”. Persuading people to stump up so that someone can clean it and stop bits falling off is rather harder.

While we’re at it, there’s a moral hazard problem with getting private interests to fund the bridge now the state is involved. If the bridge isn’t happening unless investors stump up, and investors really want it to happen, then, well, they’ll have to stump up. But if it becomes clear that the state will plug the shortfall, what incentive is there for investors to get involved at all?

Dame Margaret’s conclusion is, basically, the whole thing should stop, until the private investment arrives:

“It would be better for the taxpayer to accept the financial loss of cancelling the project than to risk the potential uncertain additional costs to the public purse if the project proceeds.... I would urge the Mayor not to sign any guarantees until it is confirmed that the private capital and revenue monies have been secured by the Garden Bridge Trust.”

In other words, it’s better to accept that the £60m the taxpayer has already spent on the bridge was a total waste of money than to keep chucking money at it indefinitely.

The Garden Bridge Trust, quite naturally, disagrees. It replied with the following, pleasingly bitchy statement:

“We are pleased that Dame Margaret has finally published her report after six months of uncertainty.” 

“We will be studying the report in detail and seeking a meeting with the Mayor of London to discuss next steps.  The Trust remains as determined as ever to make the Garden Bridge happen which will bring huge benefits to London and the UK.”

See that? They’re as “determined as ever”. Well, for my part, I remain determined as ever to become a handsome billionnaire.


So is it dead? Is it finally, actually dead? Well, no, not yet. But it’s not looking very well.

Jonn Elledge is the editor of CityMetric. He is on Twitter as @jonnelledge and also has a Facebook page now for some reason. 

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Where did London’s parakeets come from?

Parakeets in the skies above Wormwood Scrubs, west London. Image: Getty.

Visitors to London’s many green spaces would have to be stubbornly looking at their feet to not see one of the UK’s most exotic birds.  Dubbed “posh pigeons” by unimaginative Londoners, these brilliant green parakeets stand out among the fauna of Northern Europe’s mostly grey cities.

‘Parakeets’ is actually an umbrella term referring to the multiple species, which can now be found in London, Amsterdam, Brussels, Paris and various German cities. By far the most common is the Indian ring-necked parakeet, easily recognisable by the stylish red ring around their neck, a matching red beak and, of course, the loud squawking.

In the last 50 years these migrants from South Asia have arrived and thrived, settling into their own ecological niche. In the UK, London is a particular stronghold, but although they may have originally settled in the leafy streets of Twickenham, the birds can now be found in cities as far north as Glasgow.

The story of how they ended up in London is a matter of some discussion and plenty of myth. One often reported theory is that the capitals’ current population are the descendants of birds that escaped from Shepperton Studios during filming of The African Queen, starring Humphrey Bogart and Katharine Hepburn. Others would tell you that they escaped from Syon Park in the early 1970s, when a piece of debris from a passing plane damaged the aviary and allowed them to escape. This chimes with their original concentration in South West London.
My favourite story by far is that they were released by Jimi Hendrix on Carnaby Street in the late 60s. Bored of London’s grey skyline, he set the little fellas free to liven up the place.

However they got here, from 1970 onwards their numbers boomed. In 1992, 700 birds were recorded in London Bird Report. By 1998, 2,845 were seen in the London Area, and by 2006 the ring-neck parakeet was 15th most sighted bird in London.


Darwin would be proud at how well they adapted to the new environment. Toughened up by the hard Himalayan climate, they handle the cold northern European winters better than most locals. Global warming is often brought up in discussions of the parakeets, but it is certainly only part of the story.
It helps, too, that the birds have a 35 year lifespan and few local predators, enabling them to breed freely.

As with any new species, the debate has raged about whether they are harmful to the ecosystem. Strangely reminiscent of the debate over human migrants, often the birds have often been accused of stealing the homes of the natives. The parakeets do nest in tree cavities also used by jackdaws, owls and woodpeckers – but there is little evidence that native species are being muscled out. 

The also provide a food source for Britain's embattled birds of prey. Owls and peregrine falcons have been know to eat them. Charlie and Tom, two city dwelling falcons monitored by Nathalie Mahieu, often bring back parakeets as food.
Of more concern is the new arrivals’ effect on plants and trees. By 2009 their numbers in the UK had grown so much that they were added to the “general licence” of species, which can be killed without individual permission if they are causing damage.

And Parrotnet, am EU funded research project studying the development of parakeet populations across Europe, has warned of the risk they pose to agriculture. In their native India, the parakeets are known to cause widespread damage to crops. As agriculture develops in the UK in line with warmer climates, crops such as maize, grapes and sunflower will become more popular. In India the birds have been documented as reducing maize crops by 81 per cent.

So the parakeets remain divisive. Environmentalist Tony Juniper has disparagingly described them as “the grey squirrel of the skies”. By contrast, the University of York biologist Chris D. Thomas has argued that the parakeets should be left free to move and breed. He sees those wary of the parakeet boom of “irrational persecution” of the bird.

For good or ill the parakeets are here to stay. As so often with migrants of all kinds, there has been some unease about the impact they have had – but the birds, popular amongst Londoners, certainly add colour to the city. Thriving in the urban environment thousands of miles from their natural habitat, they are a metropolitan bird for Europe’s metropolitan cities. 

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