The results of a Freedom of Information search by The Kernel reveal eye-watering expenditure, with little to show from it, by UKTI.
It’s the object of widespread ridicule from those not endlessly flattered and sucked up to with invitations to swanky drinks parties. It spent £55,000 on a website everyone hates and which fails to meet even the basic standards of modern web design. It is coming under increasing fire for shameless appropriation of others’ achievements.
But the Tech City Investment Organisation, a wasteful pet project of trendies in Downing Street that has successfully used internet businesses in east London as PR for the Government, has already burned through at least £1million.
I was surprised at how small that number was, initially. But of course it doesn’t include all the other bits of Government chipping in to help, the extensive schmoozing going on overseas and God knows whatever else they’ve charged to someone else’s budget. Nor does it include the investment fund. So the real total cost is probably something like three times that amount. Think what three million quid would have done if simply given to Seedcamp to invest in start-ups!
Thanks to a Freedom of Information request I submitted in November, the annual budget of Tech City has been revealed today as well. £150,000 is set aside for marketing and communications. £250,000 for events. £220,500 on employing civil servants elsewhere in Government. And a little under £1.2million in staff and consultant costs.
These are staggering sums. How much of that is chief executive Eric van der Kleij’s salary, I wonder? (Tech City wouldn’t say: they’ve come up with an ingenious way to dodge FoI requests, and public accountability, by muddying the employment arrangements of their staff with contracts from PA Consulting and Grant Thornton.)
I ask again: what, precisely, has been accomplished with this massive splurge of cash?