London boroughs are confronting a looming £500m funding gap for the upcoming year, despite an increase in Core Spending Power. The cross-party London Councils group warns of significant shortfalls, with demands for Exceptional Financial Support (EFS) escalating as more boroughs struggle to balance their budgets. The financial strain is exacerbated by rising costs for essential services, particularly in social care and homelessness, indicating a severe underfunding crisis. Boroughs are calling for improved government support to address urgent budgetary pressures.
London boroughs, despite a 5.7% increase in Core Spending Power, forecast a £500m funding gap next year, indicating a deeper structural underfunding crisis.
The reliance on Exceptional Financial Support by London boroughs is set to surge, from two to at least seven boroughs needing support, highlighting fiscal distress.
With a grim financial outlook, boroughs report significant overspending on essential services like adult and children's social care, exacerbating their funding challenges.
The escalating cost of homelessness in London is alarming, with a reported £270m overspend, showcasing a stark requirement for systematic funding reform.
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