Unused IP numbers could potentially raise millions for Newham Council if approved for auction today (November 5).

In a report, councillor Zulfiqar Ali, lead member for finance and resources, said 65,000 unused IPV4 addresses have been found.

These are unique numbers that allow devices and services to connect to the internet.

If the council cabinet approves, the authority will collaborate with a specialised broker to maximise the value of these addresses, estimated to be worth between £1.6 million and £2 million.

The council said it is exploring every possible measure to manage its financial situation while minimising the impact on resident services.

The sale of these addresses would not affect current or future IT service delivery to the council, a spokesperson added.

Councillor Ali, in his report, stated that Newham, like many other authorities, is grappling with financial pressures due to increased demand for temporary accommodation, adult social care, and children's services.

The council has already sought exceptional financial support from the government.

He said: "We would have balanced our budget last year and indeed this year, had we not had these pressures on the council.

"The current situation is not of our making at all and I am pleased to say that we have good financial governance and controls.

"Notwithstanding we have to manage the situation as best as we can and it is good to see officers across the council are taking responsibility to deep dive into everything to see where revenue and capital savings can be made."

He further emphasised that the report highlights an unused IT asset - the IP addresses - that has become exceptionally valuable, yet is of no use to the council in delivering its services.

He said: "This asset is not expected to increase in value further, nor ever be useful, for any meaningful purpose to the borough of Newham.

"This is the digital equivalent of finding an old painting in the attic, one which no one wants to look at but will fetch a few million pounds at auction."

The IPV4 addresses are owned by Newham Council and were allocated at no cost during the initial establishment of the IPV4 range.

However, the demand for addresses has now outstripped the availability, the council said, leading to them being treated as financial commodities.

The existing range of IPV4 addresses has now been exhausted so they are now bought, sold and leased on the open market and treated as financial commodities instead of being viewed as purely technical network resources.

The cabinet meeting will be live-streamed on the council's YouTube channel from 10.30am today (November 5).