The Labour-run council has taken a secret decision to give Taylor Wimpey a discount for its development on Oliver Road.
The Coronation Square project, opposite Leyton Orient football grounds, is the largest development in the borough. The council at first tried to keep residents in the dark about the size of the discount. It has now emerged that they have agreed to give Taylor Wimpey a £6.9 million discount on the purchase of the land and promised to buy all the commercial space, after the developer claimed that “unforeseen costs” plus the Covid pandemic and Brexit meant that its expected profits have been reduced.
This is despite the fact that Taylor Wimpey made an operating profit of about £300 million in 2020. In addition, of the 750 housing units being built, almost none are low-cost rental ones.
Lib Dem campaigner Arran Angus said, “The council recently voted to cut funding for special educational needs children. Meanwhile, they are using taxpayers’ money to bankroll a company that makes hundreds of millions of pounds in profit.”