Property News · December 20, 2024

Taxpayers may need to bail out Sadiq Khan’s London housing fund, say auditors


GLAP missed repayment deadlines for £300m government loan and concerns raised over poor managementTaxpayers may be forced to bail out the mayor Sadiq Khan’s London housing fund, after it repeatedly missed repayment deadlines for a £300m government loan and its auditors raised concerns over poor management.The London mayor’s property development vehicle, known as Greater London Authority Land and Property Limited (GLAP), inherited the £300m debt when it was formed under Boris Johnson in 2012, after a merger of other public development bodies. Continue reading…

Source : theguardian.com
Read more…Taxpayers may need to bail out Sadiq Khan’s London housing fund, say auditors