RATEPAYERS in Chingford plan to take Waltham Forest Council to the High Court to challenge its 62 per cent rate rise.

A public meeting called by Chingford Chamber of Commerce decided to set up a fighting fund after being told that legal action could cost £15.000. Waltham Forest is now the highest-rated London borough, and the Chamber fears that many shops and businesses will be forced to close or move away.

About 300 people attended last night's meeting, and many speakers threatened to withhold their rates in protest at the rise. A committee was also formed to investigate the possibility of Chingford being taken out of Waltham Forest's control and put under Essex County Council.