TOWN Hall chiefs have identified a £500,000 black hole after their own planning department refused applications for a series of advertising panels across the borough

A survey by Islington Council had identified 60 “premium” sites for illuminated advertising panels which could have generated income of up to £10,000 each per year, raising more than £500k.

However, the majority of these were not granted planning permission. Approval has been granted for only 16 sites, the market value of which are currently being established.

The shortfall was revealed in the council’s latest financial statement, which will be discussed by its executive committee next week.

On Tuesday, a planning committee granted permission for an advertising board opposite council offices in Upper Street.

The council has said that, with £70m further cuts from government on the horizon, it has to explore new ways of generating income.