INDEX April 10, 1987


WALTHAM Forest, with its 62 percent rate rise, will be putting anEXTRA £35,670,000 into theTown Hall coffers in the comingyear.

That's almost £700,000 a weekmore -- or a fraction under£100,000 a day.

These staggering statistics -making the borough the highestrated in England - don't reflect,either, the EXTRA £40m obtainedby the council from privatesources, repayable in a few years.All this, in addition to:

** A healthy share-out of moneyfrom the London Residuary Body(winding down the former GreaterLondon Council's affairs).

** Improved, amended spendinglimits offered by the Government ifthe Town Hall maintains its financial affairs reasonably.

The impact on the man in thestreet has been devastating. AnEXTRA £8 a week is the bill formany. For others, much more.

Industry and commerce is facing telephone-number increasesthat are frightening in their potential impact on the borough's economy. Boardrooms throughout theborough are revising strategies.

It is also hitting WalthamForest's many sports organisations. Chingford Football Club, forinstance, must find an EXTRA£400 a year.

Estate agents are reporting "anunusual" number of houses forsale for this time of year. In oneChingford street, three houseshave gone on sale at the sametime.

The only consolation is that witha glut of homes for sale, prices forbuyers may come down - certainly there will be wider choice.

Jumping from 186.5p in the £ ofrateable value to 302.5p is almostcertainly the Labour council's wayof getting money in before beingheavily ratecapped next year foroverspending.

For, surely, with the equivalentof a weekly pools win, it will notspend all this "new" money in thecoming year.

That's like spending hundredsof thousands of pounds with nomoney in the bank and no overdraft facility. A dangerous path totread.

Labour councillors would dowell not to scoff at the community's reaction. Political suicide isan unpleasant business.

Waltham Forest Guardian April 10, 1987.
INDEX April 10, 1987