Medium Term Financial Strategy
Councils are grappling with significant budget gaps and considering council tax rises as they update their medium-term financial strategies.
Richmond Council projects a £19.3 million budget gap for the 2027/28 financial year, despite implementing maximum council tax increases and savings, a September 2026 story reported. Wandsworth Council is considering a council tax rise to address significant financial pressures, including loss of government funding and depleting reserves, according to a July 2026 report to Cabinet. Greenwich Council faces a projected £100 million funding gap by 2030, with its Medium Term Financial Strategy indicating substantial budget gaps over the next four years, a March 2026 story said.
Lewisham Council approved a 4.99% council tax increase for 2026/27 in March 2026. The council's Audit and Risk Committee had identified budget challenges and delays in finalising its Medium Term Financial Strategy, which outlines a council's financial plan over several years, as key concerns in July 2025. Harrow Council's financial risk register also flagged increasing homelessness and budget pressures in July 2025. Barking and Dagenham's Overview and Scrutiny Committee is scheduled to discuss the topic on 7 October 2026.
Key facts
- Richmond Council projects a £19.3 million budget gap for the 2027/28 financial year. Source
- Wandsworth Council is considering a council tax increase. Source
- Greenwich Council faces a projected £100 million funding gap by 2030. Source
- Lewisham Council's Audit and Risk Committee identified delays in finalizing the MTFS as a key concern in July 2025. Source
- Harrow Council's financial risk register flagged increasing homelessness and budget pressures in July 2025. Source
About this summary
This summary was written automatically from our published stories and the council meeting records they draw on. It describes what councils have discussed and decided; it does not take a view on any decision. Each key fact links to the story it comes from. Updated 30 September 2026. Spotted a mistake? Email community@opencouncil.network.