Law or policy

Medium-Term Financial Strategy (MTFS)

11 stories · discussed at 9 council meetings · 10 councils

Councils are approving Medium-Term Financial Strategies amidst significant budget gaps and pressures from funding cuts and rising demand.

Richmond Council recently approved its Medium-Term Financial Strategy (MTFS), outlining a projected budget gap of nearly £70 million by 2030/31, with Councillor Jim Millard, Lead Member for Finance and Resources, describing it as the most significant financial challenge in its history. The council unanimously passed a motion on 6 October 2026, criticising government funding cuts as a key driver of financial challenges.

Other councils are also grappling with substantial financial pressures, with Lambeth Council forecasting a cumulative budget gap of over £93 million across the next three years, partly due to children's services overspends. Bexley Council's updated MTFS projects a £21.8 million budget gap by 2030, attributed to structural pressures in social care and special educational needs transport. Hammersmith and Fulham Council is planning £17.9 million in savings for the 2026/27 financial year, citing demand-led increases in Adult Social Care and Children's Services.

Kensington and Chelsea Council is considering cuts to its Council Tax Reduction Scheme for working residents, facing a £118 million budget shortfall over four years due to proposed funding reforms. The Human Resources Committee of Tower Hamlets Council is scheduled to discuss the Medium-Term Financial Strategy on 13 October 2026. The MTFS is a financial planning document outlining a council's budget and financial outlook over several years.

Key facts

  1. Richmond Council approved its Medium-Term Financial Strategy, outlining a projected budget gap of nearly £70 million by 2030/31. Source
  2. Richmond Council unanimously passed a motion on 6 October 2026, criticising government funding cuts. Source
  3. Lambeth Council is forecasting a cumulative budget gap of over £93 million across the next three years. Source
  4. Bexley Council faces a projected budget gap of £21.8 million by 2030, according to its updated MTFS. Source
  5. Hammersmith and Fulham Council is planning to make savings of £17.9 million for the 2026/27 financial year. 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 7 October 2026. Spotted a mistake? Email community@opencouncil.network.

Stories, page 2

  1. Waltham Forest to Appoint Financial Sustainability Director Waltham Forest Council is set to appoint a Corporate Director of Financial Sustainability, a new role designed to bolster the council's financial management within its... Waltham Forest 28 October 2025
  2. Council Considers Cuts to Council Tax Support for Working Residents Kensington and Chelsea Council is considering potential cuts to its Council Tax Reduction Scheme (CTRS) for working residents, a move that could affect thousands of households.... Kensington and Chelsea 19 October 2025
  3. Kensington and Chelsea Council Faces £118M Budget Shortfall Due to Funding Reform Kensington and Chelsea Council is facing a budget shortfall of £118 million over the next four years, primarily due to proposed changes in local authority funding. The financial... Kensington and Chelsea 13 July 2025