‘We will not be able to fix these problems overnight – this is going to be a long-term process.'
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The development will be comprised of a mixture of one, two and three-bedroom apartments and maisonettes.
Early estimates for October indicate that there were 200,000 fewer employees on payroll in the capital than the same time in the previous year.
The scheme is projected to pay for itself over the course of 50 years by recouping the initial investment through sales and rents.
The notice will mean all new non-essential spending at the London borough will be stopped while an emergency budget is drawn up.
'It’s the "reel deal" for our borough, London and the UK. Movies will be Made in Dagenham.'
'Funding retrofitting projects brings immediate benefits to Londoners such as new jobs and lower fuel bills while also addressing the climate emergency.'
‘This is a really exciting opportunity for us all to reflect on some really important questions for how we’ll want to live in the future,’
‘The council’s approach to borrowing and investments has exposed the council and future generations of taxpayers to significant financial risk.'
The development will be phased to ensure residents can move straight into their new homes on the estate, if that is their choice.