Grim council tax warning as London boroughs need to plug 700m blackhole' in finances

L ondon local authorities have warned a 5% hike in council tax will barely touch the sides of the capital's funding shortfall.Boroughs have a 700million financial blackhole to plug as the cost of living continues to sky-rocket, according to analysis by London Councils.The umbrella group said council finances remain in critical condition at a time when they will be even more reluctant than usual to raise tax because of soaring budget pressures on families.

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