Coalition government axes £181m Aylesbury PFI

I’m deeply disappointed to have to report that the coalition government has withdrawn support for a £181m PFI funded redevelopment of part of the Aylesbury Estate and as yet has not offered any alternative funding mechanism.

The loss of the funding is extremely disappointing news for everyone – for the council and of course most particularly for the residents of the Aylesbury Estate. However, despite this we are not defeated and we will not give up on residents or on our regeneration plans.

This is a short sighted and unnecessary cut by the new government. It is not fair. And it is a major set back for the residents of one of Britain’s most deprived estates.

It is particularly important though that we are clear that not all of the regeneration depended on PFI funding and that some plans are continuing.

The building works on site 1A, by Westmoreland Road, aren’t affected and will continue with the first new homes completing early in the new year and also the new resource centre.

The plans for redevelopment of sites 7 & 10, Amersham and north Wolverton are also unaffected – although we must be aware that the cuts to Social Housing Grant may make things difficult.

We have also written to the HCA and ministers asking to meet with them. We have invited ministers to come and visit the estate. We hope that there may be some scope either for them to reverse their decision or to offer alternative funding. To date we have had no response.

We will be taking a report at Cabinet on 14 December which will consider the immediate implications of the announcement and start to set out where we go from here.

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About Fiona