Garden Bridge Costs Surge To Over £200m

The cost of a proposed new pedestrian bridge over the River Thames has spiralled from £60 million to over £200m, according to an independent review.

London Mayor Sadiq Khan commissioned Dame Margaret Hodge MP to undertake a review of the Garden Bridge project in October last year.

Plans for the scheme include building a new public garden and pedestrian crossing across the Thames, providing a new route between north and south London and featuring plants, trees, woodland and meandering walkways.

However, Dame Margaret's review has concluded the risk to taxpayers has intensified. With original plans to fund the scheme through private finance having been abandoned, the Garden Bridge Trust has lost two major private donors and has pledges of £69m with no new pledges secured since August 2016.

Already, £60m has been pledged from the public sector, leaving a £70m funding gap. Little progress has also been made on raising money to fund the ongoing maintenance of a completed bridge.


In her report, Dame Margaret said: "Value for money for the taxpayer has not been secured. It would be better for the taxpayer to accept the financial loss of cancelling the project than to risk the potential uncertain additional costs to the public purse if the project proceeds.

"In the present climate, with continuing pressures on public spending, it is difficult to justify further public investment in the Garden Bridge.

"I would urge the Mayor not to sign any guarantees until it is confirmed that the private capital and revenue monies have been secured by the Garden Bridge Trust."

In addition, Dame Margaret concluded two Transport for London (TfL) procurement processes for the scheme were not open, fair and transparent. In addition, Dame Margaret concluded decisions on the Garden Bridge were "driven by electoral cycles rather than value for money".

In response to the review, Lord Mervyn Davies, Chairman of the Garden Bridge Trust, said: "We are pleased that Dame Margaret has finally published her report after six months of uncertainty. We will be studying the report in detail and seeking a meeting with the Mayor to discuss next steps. The Trust remains as determined as ever to make the Garden Bridge happen which will bring huge benefits to London and the UK."

To read the full report, visit here.

(LM)