When is £1billion of new funding, not?

You may have come across the figure of £1billion being splashed around as the amount of ‘new money’ coming into Tottenham. Sounds like a gift for the people from a great sugar daddy in the sky ie Boris or something? Well not quite. Thanks to a Freedom of Information Act enquiry by Martin Ball, we find this:

Please can you provide detail on the £1billion of funding that the Tottenham’s future survey claims is coming to Tottenham?

My response is as follows:

The figure of £1bn investment sets the context and scale of potential  incoming investment into the regeneration programme for Tottenham. It is referenced in A Plan for Tottenham (published in 2012) and in the materials to publicise the Tottenham’s Future events. The £1bn is not a single grant, loan or guarantee, but is in fact an aggregation of the current best estimated value of all proposed infrastructure investments, grants and anticipated private sector leverage. The specific figure of £1bn been derived from the key announcements below (including details of the sources of funding), but in real terms £1bn is an estimate and actual investment may exceed that. Continue reading