London Councils advocates for funding reforms that better reflect London's high needs and costs. Councillor Claire Holland emphasizes that current formulas risk pushing boroughs towards bankruptcy and noted that it's been 12 years since they were updated. The group favors a focus on deprivation and measures that account for housing costs, considering London has the highest poverty rate in the UK when housing costs are factored in. They express optimism about a proposal to create a homelessness formula, compensating for a significant overspend on temporary accommodation.
In the face of severe budget pressures, these funding reforms will be pivotal in determining boroughs' financial future. It has been 12 years since the formulas were last updated.
London Councils insists on measures that account for housing costs, as inaccurate measures could disadvantage deprived communities amidst rising service costs.
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