Taxpayers money allocated to troubled i360 project on Brighton seafront

Brighton & Hove City Council announced last month they intend to allocate taxpayers money to plug a hole in the financing of the i360 project.

The announcement followed after investors withdrew fifteen million pounds investment from the troubled project last September (2013).

Simon Kirby, MP for Kemptown and Peacehaven is expressing concerns over the move to spend a further £36 million pounds on the project.

He said: “Whilst I am incredibly supportive of efforts to support tourism in the City, I am concerned at the cost to taxpayers to get this project off the ground.”

Adding: “At a time when people are having to watch their finances very carefully I am not convinced this is the most appropriate way to spend £36 million of taxpayers’ money. Whilst this is not my decision to make I would not be proceeding.”

“This project has been beset by issues already and I have reservations about the likely return for taxpayers. It is revealing that the required amount of private finance has not been secured.

“I would urge caution from the Council to ensure that taxpayers hard earned money is not poured down a black hole.”