THE revelations about the council’s handling of Neighbourhood Reneal Fund (NRF) monies grow ever more grotesque.

First, we discover the past project files that nearly 80 per cent are incomplete, that in half the cases there is no contract in evidence, that in other cases officers signed for both the council and the provider and that there are few signs of effective target setting or monitoring.

Now we learn that the council simply gave EduAction £1m, with none of the required paperwork in place.

And it is hardly a secret that there are yet more shocking disclosures to come.

Council leader Clyde Loakes and interim chief executive Roger Taylor tout themselves as the men to sort out the mess, but they lack credibility.

Councillor Loakes was made aware of all the problems with NRF from 2004 onwards, yet turned a blind eye, apparently determined not to let uncomfortable truths jeopardise his political career.

The time is long past for self-interested posturing. This is a major issue.

Large amounts of public money meant for the poorer parts of Waltham Forest have been squandered. Transparency and accountability have gone by the wayside.

What is needed is an independent inquiry, conducted by someone of unimpeachable reputation, to find out what went wrong, and what the lessons are for the future.

We hope that Matt Davis, leader of the Conservative group, John Macklin, leader of the Liberal group, together with our local MPs, will now vigorously support the Waltham Forest Guardian’s call for such a step to be taken immediately.

Philip Dundon and Nick Tiratsoo, Leytonstone residents.