A CONTROVERSIAL decision to push forward with plans for the £35m Arcade site development without a financial appraisal was given the green light at a stormy cabinet meeting tonight.

Labour members decided that officers should be instructed to start procuring a developer for the long-vacant site, on the corner of Hoe Street and High Street.

A series of recommendations from a cross-party scrutiny committee, including that a financial appraisal be carried out, were rejected by Labour councillors.

Labour councillors also rejected further recommendations including a call for a feasibility study into whether a swimming pool could be an effective “anchor tenant” to attract business.

Cllr Bob Sullivan, chairman of the overview and scrutiny committee, branded the move as “damn reckless”.

He said: “These things we have asked for are straightforward and need to be done by anybody doing anything, such as when somebody sells a house.”

The move has angered both the Conservative group, which believes the council should wait until the economy improves, and the Lib Dems, whose four members voted against tonight's decision.

Under the new scheme a £10m pool on the Arcade site will be funded by selling Waltham Forest Pool & Track, in Chingford Road, or “alternative assets”.

Cllr John Macklin, Lib Dem leader, expressed concern about the threat to the Pool & Track, and said he was concerned about the future of sports facilities in the borough.

He also questioned whether residents living in other areas of the borough will benefit from the £35m scheme, questioned how swimming club team vehicles could park near the new development and expressed doubt that £10m could be raised from the sale of the pool when the track facility will remain in place.

He said: “This is an inappropriate report brought forward at an inappropriate time.”

But visibly angry council leader Chris Robbins told Cllr Macklin: “This is an unacceptable contribution as well quite frankly.

“I am fed up with you bringing in red herrings - there will be no closures of sports facilities and you know it.”

Labour cabinet member Cllr Marie Pye said the proposal was sound and that residents are fed up with councillors "talking and not doing anything".

The latest Arcade site scheme is for a development including shops, a cinema, a swimming pool and homes to be funded by £35m of borrowed money and the further £10m from sold assets.