Harringay, Haringey - So Good they Spelt it Twice!
Government's Financial Settlement for the councils of London
Info attached - make of it what you will. (I'm a little busy today and set myself back with all the traffic stuff!)
Tags for Forum Posts: public spending cuts
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Permalink Reply by Liz on
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Put simply, Haringey faces a reduction of 24.3 million - some of the hardest hit London councils also serve some of the most deprived areas including Haringey, Hackney, Tower Hamlets and Newham.
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Permalink Reply by Mr Growbag on
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...some of the hardest hit London councils also serve some of the most deprived areas including Haringey, Hackney, Tower Hamlets and Newham.Yes, although I was interested to read in the Plain English Guide about the enhanced grant that such deprived areas already receive. Coming to this knowing very little about how council funding is calculated, it's interesting to see that even after these cuts, Hackney will get a grant of £1043 per person, whereas wealthy Wokingham will only receive £125. I couldn't comment on whether this is a fair reflection of how much each council needs to look after its citizens, but it's good to know that deprivation was and continues to be factored in to local funding.
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Permalink Reply by Inkjetpack on
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The spreadsheet lists £24.3m for 2011-12 and a further revenue reduction of £11.2m for 2012-3 in Haringey – details of the next 2 years to follow. Apart from Newham, Hackney and Tower Hamlets no London council benefits from the Transition Grant to soften the blow.
Until the fine detail of the announcement is made public over the next few weeks it will be difficult to draw any conclusions to the effects of the proposals which are subject to consultation and change [although this is unlikely].
The announcement doesn’t make clear whether inflation is taken into account for future settlements [it hasn’t been in other recent announcements], if not you can add another 3-4% reduction in spending power per year going forward.
There is also a proposal to allow councils to retain all the business rates they collect to encourage local investment and the government says it will also change the law to allow councils to borrow against future business rate income – probably from taxpayer owned banks at commercial rates!
This is particularly of note as the councils already deemed “well off” are those with high income from this revenue stream, what it will mean for less commercially attractive areas remains to be seen. You could imagine poorer councils offering special development zones to attract companies, but how this sits with giving local communities more say in planning issues remains to be seen.
Personally I would say that this is the topic that should be attracting most discussion on the site as it will fundamentally affect every aspect of local life for a number of years.
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Personally I would say that this is the topic that should be attracting most discussion on the site as it will fundamentally affect every aspect of local life for a number of years.
I'm inclined to agree Inkjetpack. Lots of people trying to get their heads around what it will all mean tonight.
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Permalink Reply by matt on
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Yes re business rates, this a key point. Camden & Islington have deprivation to deal with as Haringey does but they have a significant revenue stream from business rates that Haringey does not. Never mind the Shenzhen Special Economic Zone (SEZ). How about the Tottenham Hale SEZ.
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