medium-term financial strategy
Councils are currently addressing significant budget gaps and funding challenges through medium-term financial strategies, with some proposing substantial measures.
Barnet Council faces a projected £198 million budget deficit by 2029/30, with its medium-term financial strategy highlighting a £113.5 million gap in 2027/28, according to a plan presented to Cabinet in October 2026. Wandsworth Council's Finance Overview and Scrutiny Committee discussed in October 2026 a potential 94% Council Tax hike in 2027/28, driven by a projected 40% reduction in government general grant funding by 2029/30. Newham Council is facing a projected £6.17 million budget overspend for the current financial year, a report to Cabinet said in September 2026.
Wandsworth Council's Cabinet approved its Medium Term Financial Strategy for 2026/27 in October 2026. Tower Hamlets Council's Cabinet approved a 15-year lease in September 2026, projected to generate £625,000 annually and reduce financial liabilities. Ealing Council's Cabinet approved its 2026/27 budget and medium-term financial strategy in February 2026, including plans for £20.5 million in savings and revenue growth by 2029/30.
Hounslow Council's Borough Council noted in September 2026 that future scrutiny priorities include the medium-term financial strategy. Croydon's Scrutiny Health & Social Care Sub-Committee is scheduled to discuss the topic on 19 October 2026. A medium-term financial strategy is a council's financial plan outlining its financial outlook and strategy over a multi-year period.
Key facts
- Barnet Council faces a projected £198 million budget deficit by 2029/30. Source
- Wandsworth Council is considering a potential 94% Council Tax hike in 2027/28. Source
- Tower Hamlets Council approved a 15-year lease projected to generate £625,000 per year. Source
- Newham Council faces a projected £6.17 million budget overspend for the current financial year. Source
- Ealing Council approved plans for £20.5 million in savings and revenue growth by 2029/30. 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 14 October 2026. Spotted a mistake? Email community@opencouncil.network.