Medium-Term Financial Strategy (MTFS)
Councils are currently addressing significant budget gaps and financial management risks as they approve and review their medium-term financial strategies.
Richmond Council approved its Medium-Term Financial Strategy in October 2026, outlining a projected budget gap of nearly £70 million by 2030/31, which its Lead Member for Finance and Resources described as the most significant financial challenge in its history. The council criticised government funding cuts. Similarly, Bexley Council's updated strategy in July 2026 projected a £21.8 million budget gap by 2030, citing pressures in social care, special educational needs transport, and inflation.
Lambeth Council's financial management is under scrutiny, with an independent review in October 2026 finding it at risk of non-compliance in eight key financial areas, including medium-term financial planning. The council's Overview and Scrutiny Committee discussed its financial planning in July 2026, as it faces a projected cumulative budget gap of over £93 million across three years.
Hammersmith and Fulham Council proposed £17.9 million in savings for the 2026/27 financial year in January 2026 as part of its Medium-Term Financial Strategy. This was in response to significant pressures from demand-led increases in Adult Social Care and Children's Services.
Key facts
- An independent review in October 2026 found Lambeth Council at risk of non-compliance in eight key financial areas, including medium-term financial planning. Source
- Richmond Council approved its Medium-Term Financial Strategy in October 2026, projecting a budget gap of nearly £70 million by 2030/31. Source
- Bexley Council's updated Medium-Term Financial Strategy in July 2026 projected a budget gap of £21.8 million by 2030. Source
- Lambeth Council is forecasting a cumulative budget gap of over £93 million across the next three years, as reported in July 2026. Source
- Hammersmith and Fulham Council proposed £17.9 million in savings for the 2026/27 financial year as part of its Medium-Term Financial Strategy in January 2026. 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 23 October 2026. Spotted a mistake? Email community@opencouncil.network.