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LLDC Income (2)

Questions to the Mayor of London – answered on 17th October 2019.

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Photo of Navin Shah Navin Shah Labour

The LLDC Quarterly Corporate Performance Report for January to March 2019 says the, “trajectory to be operating in a break-even position by 2025 is under pressure due to the impact of the changing housing strategy”. What has changed about the housing strategy that is putting pressure on your finances?

Photo of Sadiq Khan Sadiq Khan Mayor of London

The LLDC derives income from a number of external sources including revenue from venues, off and on park properties, as well as from the GLA. A key element of income generated is received from the Fixed Estate Charge (FEC) which is due to grow as homes and businesses are completed on their land. The amount of affordable housing to be delivered on LLDC’s remaining three sites (Pudding Mill, Stratford Waterfront and Rick Roberts Way) has been increased to 50 per cent in line with my commitments on affordable housing. Increasing affordable housing decreases the amount of FEC that can be collected. More information on the FEC is available here: https://www.queenelizabetholympicpark.co.uk/the-park/homes-and-living/fixed-estate-charge. Additionally, any delays or changes to the profiled delivery of homes on LLDC owned land will impact the timing of FEC receipts.