Episode Details

The City of London faces a looming £70 million shortfall by 2029—£10 million worse than forecast—thanks to inflation and new government “Fair Funding” reforms that slash its grant from £77 million to just £18 million. These reforms, meant to fund areas by need, ignore the Square Mile’s massive daytime commuter population, threatening vital services like cleaning, waste, and housing. While Westminster and Kensington & Chelsea brace for £100 million cuts, the City is fighting back with lobbying and extended transitional funding—but the outlook is grim: its local fund will swing from surplus to £20 million deficit next year, then soar to £70 million by 2029, with housing finances also in crisis.

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