The Office for Budget Responsibility (OBR), which monitors the government's spending plans, will publish its forecast on the UK economy today. The chancellor will then present the OBR's findings to the House of Commons, and make her first spring statement.
A Westminster Hall Debate on Local Government Finances in London will also take place from 2:30pm.
The Westminster Hall debate has been secured by Calvin Bailey MP (Leyton and Wanstead) and is an opportunity for MPs to discuss the extreme pressures facing boroughs’ budgets. London Councils says ending the worsening crisis in town hall finances is critical for sustaining services and generating economic growth across the capital.
Chair of London Councils, Cllr Claire Holland, said: “The worsening crisis engulfing boroughs’ finances has worrying implications for local services and the capital’s growth prospects.
“The combination of years of structural underfunding, fast-rising demand for services such as homelessness and social care, and spiralling costs has pushed boroughs to the brink of bankruptcy.
“We know MPs share our concerns and want better funding solutions. Boroughs are as determined as ever to work with the government on our shared priorities, including more focus on prevention, delivering affordable housing, and boosting economic growth. Restoring stability to our budgets and local services is key to achieving this.”
Among London Councils’ key asks is a call for overall council funding to be restored to 2010 levels by 2028/29, requiring real-terms increases of 4% every year. The cross-party group’s priorities also include protection of funding for demand-led services to meet forecast levels of growth, access to a broader range of funding sources, and investment in the early intervention and prevention services that bring the most benefits over the long term.
London Councils’ Spending Review representation to the government can be found here.
