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7 October 2020

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Say no to finance capital-backed luxury tower block in Enfield

  (Click to enlarge)

Paul Kershaw, Unite union housing workers' branch

A 29-storey residential skyscraper which fails to meet 'affordable housing' targets has been approved in the outer London borough of Enfield, in the teeth of protests from housing campaigners and resident groups.

This is one of a series of planning decisions in London that will please super-rich developers but present no hope for the homeless and badly housed.

Situated next to a busy dual carriageway that children will have to cross to reach play areas, the tower will have no social-rent homes or even homes at the higher London Living Rent.

Campaign group Better Homes Enfield say nine out of ten of the homes would be unaffordable to the majority of local people, only 8% would be at 'London Affordable Home' rates.

In Enfield, 5,000 children live in temporary accommodation, 11% of households are officially recognised as living in overcrowded conditions, and first times buyers have to stretch to spend eleven times their salary.


The scheme is backed by BlackRock, the world's largest asset manager and 'shadow bank', it is larger than the world's largest bank, with over $7 trillion in assets under direct management, and another $20 trillion managed through its Aladdin risk-monitoring software.

It wields huge political power, which is no doubt why it thought it worth paying Tory ex-chancellor George Osborne £650,000 a year for working just four days a month. According to the Financial Times, its boss Larry Fink is the highest paid in the sector, raking in about $24.3 million last year - plus about $50.8 million in stock awards: the pay-out to the politician will seem like chicken feed.

Labour councils are elected to stand up to corporations and fight for working-class communities. In Enfield they should speak out for social housing. If they fail in this, they should be challenged in elections by candidates who will.

The deepening housing crisis in the UK reflects government support for finance and a woeful lack of social house building. Labour was committed to a mass programme of council house building under Jeremy Corbyn, but Keir Starmer has refused to commit to continue that policy.

It is now more urgent than ever to take over the banks and finance companies that were rescued in the financial crash and launch a programme of house building at truly affordable social rents.

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In The Socialist 7 October 2020:

Coronavirus news

Tories put profit first: Gambling with our jobs and lives

Massive testing 'glitch' caused by privatised fragmentation

Contact tracer speaks out: privatised system 'in chaos'

Under the microscope

Workplace news

Unison: Hugo Pierre's fighting programme to transform the union

Equity 'Panto Parade' demands more support for arts workers

Tate strike suspended

Ikea day of action

York couriers' strike


Fight for jobs and homes for all - defend the right to asylum

Spooks step up surveillance of left

Probation Service: 'angry, frustrated' staff need fighting lead


Cardiff student protest demands: 'refund our fees!'

Southampton students oppose unjust collective punishment

Black History Month

Non-fiction: 'Why I no longer talk to white people about race'


Worldwide capitalist crisis deepens - step up the fight for socialism

'Frozen conflict' reignites in Nagorno-Karabakh enclave

Germany: "Heroes" strike to demand a pay rise


9,000 for education by Netflix

Free Siyanda Mngaza

Leicester: Don't let them close our hospital

Waltham Forest: Council picks over 60 sites for mass gentrification

Say no to finance capital-backed luxury tower block in Enfield

Socialist Party: Campaigning for the NHS

Final total: 73,586 raised - now let's do it again

Defend Bracknell Community Services

Readers' opinion

Film: 'Sick' - 'They've got people looking in the wrong direction'

The Socialist Inbox


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Related links:


triangleEnfield byelection: We need councillors prepared to resist

trianglePreparing to organise workers in Enfield

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Article dated 7 October 2020

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