A recent study shows that Bromley Council and other local boroughs have seen an increase over the last five years in the amount of money generated by parking charges. Among the boroughs of Bromley, Lewisham, Greenwich and Bexley, Bromley came out on top with just over £5.5 million made from parking in 2014-15.
The year-on-year figures when compared to 2013-14 have fallen slightly. Last year, Bromley Council made £5,570,000 from parking charges, whereas this year saw it decrease to £5,566,000. However, when you look back to the 2010-11 financial year, there has been a significant increase. The figure back then was only £4,443,000. It rose to £4,736,000 the following year, and then a sharp increase to £5,685,000 was noted in 2012-13.
Bromley now ranks 31st in England for the amount of money it generates from parking, which includes both parking tickets and on-street parking. When you only take London boroughs into consideration, its rank rises to 19th.
The figures were produced by the RAC, which used information from the local authorities to track the surplus they make from parking. According to a spokesperson for London Councils, any profit that is made through parking charges cannot be used as additional income for the council and must be reinvested into local transport or parking services.
Do you think that the local councils are making too much money from parking charges? How do you feel this money should be invested?
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