Lovers of Bloomsbury gardens who have long looked for ways of increasing funding for upkeep and inprovements will be interested in this initiative of Hammersmith and Fulham council, reported in the Evening Standard. Care of parks is not a statutory duty and the work is low on the list of essential council expenditure.

“The council hopes to raise £5m through a series of “low risk” investment phases. In the first phase, launched on Wednesday, local residents are encouraged to put money into the green investment fund over a five-year period to raise £1 million with a fixed interest rate of 4.85 per cent for investors.

There’s a minimum outlay of £5 and investors are promised a fixed cash return every six months. Anyone can contribute to the fund, including people outside the borough, businesses and community groups.

The first £1 million raised will go towards maintaining green parks and open spaces, new bike hangers and cycle lanes to encourage cycling and sustainable drainage to help mitigate the risk of flooding.

The investment scheme will help the council to borrow at a lower rate than would be available through the Public Works Loan Board, reducing interest costs on green projects, which helps to save taxpayers money, the council said.”

While local residents might think there are enough cycle lanes and bike stands in Bloomsbury already, and would like a say in what the investment in green spaces might prioritise, more money for green spaces would definitely be popular.

Perhaps Camden can have a look at the scheme – it certainly sounds interesting.