PLEASE note that this survey has now closed.
Many thanks to those businesses that took part and your feedback will help to shape the next stages of the council's budget setting process.
Introduction
As part of setting the council’s 2023-24 budget, the council is commencing its legal requirement to conduct a statutory budget consultation with businesses.
Please note that the level of business rates (national non-domestic rates/NNDR) is set nationally by the government (not by the council which only operates as an administrative billing and debt collection function), with valuations and property advice from the Valuation Office Agency (VOA).
TheContinue reading
PLEASE note that this survey has now closed.
Many thanks to those businesses that took part and your feedback will help to shape the next stages of the council's budget setting process.
Introduction
As part of setting the council’s 2023-24 budget, the council is commencing its legal requirement to conduct a statutory budget consultation with businesses.
Please note that the level of business rates (national non-domestic rates/NNDR) is set nationally by the government (not by the council which only operates as an administrative billing and debt collection function), with valuations and property advice from the Valuation Office Agency (VOA).
The council is keen to hear the views of our local businesses to support the preparation of the 2023-24 budget, and is mindful of the impact of the Covid-19 pandemic and cost of living crisis on the local economy.
Local elections were recently carried out in May 2022 in which residents have already demonstrated their views on a range of issues including budget prioritisation. However, the council would still appreciate the views of those residents who wish to respond to the budget consultation.
What the council is spending
This year the council is spending £1.2 billion gross expenditure (£389.5million net expenditure budget) on public services to support people and improve lives.
Almost half of our net budget is spent on supporting children and vulnerable adults.
Covid-19 has of course had a huge impact on our services and on our finances and we set this budget in that context. Additionally, the cost-of-living crisis including inflationary pressures on energy, food and labour.
We’ve worked hard to make over £200m in savings since 2010, as our budget has been cut by the government and we’ve been squeezed by additional demand.
The additional expenditure and income pressures that have now been experienced because of the pandemic and cost of living crisis, alongside increasing demand for services and expected changes to government funding, mean that we still need to look at achieving savings.
The required savings are subject to ongoing uncertainty as this will depend on both the extent to which the government provides additional funding in support of the cost of living crisis and for any on-going Covid-19 pressures, and the potential negative impact on our income from council tax and business rates.
Despite challenges from budget cuts, increases in the number of vulnerable residents and a rising population, we are proud to continue our investment in frontline services and we have the seventh lowest council tax in London.
We have made a number of tough choices to minimise the impact on those services residents have told us that they rely on the most. Since 2010, we have reduced our running costs and been more efficient in how we deliver services including reshaping our workforce.
We have to make the most of the money we have, as well as continuing to look at innovative ways to generate income.
This consultation is your chance to get involved in the budget conversations and to help us shape the future for all in Tower Hamlets.
