IT IS concerning for the residents of this city that more losses have been announced by i360 Ltd, leading to further deferment of the loan amounts owed to Brighton and Hove City Council (The Argus, June 20).

I360 Ltd already owed the city council £3.7 million as at December 2019 and it is now proposed that a further £3.1 million in loan repayments is also deferred, making a grand total of £6.8 million.

This is at a time that the city council needs funds to help rebuild the local economy and protect our residents during this health crisis.

The foolish decision of the Green Party councillors, together with the Tories, to publicly fund this high risk “novelty” tower means that the council and the council taxpayers are saddled with a massive liability into the future.

The same Green Party administration (2011-15) that saddled us with these large debts also failed to give the council any control over the running of the i360 which means that local councillors have limited ability to influence these issues other than to foreclose on the debts and take over the running of the i360. That option of taking over the running of the i360 isn’t necessarily a good one because, as the council report to the policy and resources committee states, “it remains the case the i360 has fixed costs it cannot avoid and no source of income”.

The foolhardy decision to build the i360 with what are effectively council funds means that we are stuck with a massive loan and a loss-making “white elephant”... something that local people might remember when it comes to the next local council elections.

We should also remember that the decisions about the i360 were made with little or no consultation and were often made at secretive council meetings. It is also the case that the i360 is far from being “green” since it relies on electricity for its functioning from the national grid and it is also sponsored by an airline, whose reputation has been tarnished in recent years by poor industrial relations.

The i360 has turned out to be a “poisoned chalice” and it is about time that the Green and Tory councillors apologised for the mess that they have left for the next generation of council taxpayers, who now face large debts as a result of bad financial decisions made at secret meetings.

Rob Heale

Chatham Place Brighton