Mayor of Tower Hamlets takes inspiration from Barack Obama for budget plans
PUBLISHED: 16:17 28 February 2013 | UPDATED: 16:17 28 February 2013
Tower Hamlets Council should take its lead from US President Barack Obama and spend its way out of the recession, according to its Mayor Lutfur Rahman.
Speaking at last night’s council budget meeting, Mayor Rahman said the borough’s cash reserves could be used to stimulate the local economy.
“There has been a failure of imagination on the part of the major political parties”, he said.
Naming President Obama, Mayor Rahman spoke of the “alternative approach” of using council reserves to stimulate the economy.
“We are in a good position to try that alternative approach as a local authority”, he added.
But Labour group councillors repeated warnings that the Mayor’s spending risks a £55million “black hole” in the council’s finances by 2016.
Councillors could not agree on a budget, with two proposals set to be voted on at an emergency meeting to be held next Thursday.