Local Investment for Fairness in Tough Times – Council Budget 2024/25
Newham Council has successfully navigated unprecedented financial challenges to finalise its budget for the 2024/25 financial year, with the decision ratified at Full Council on 29 February. This reflects the Council's commitment to investing in, protecting, and enhancing services despite the significant financial pressures faced by local government.
Final Budget Approval at Full Council
The Full Council has approved the balanced budget for the 2024/25 financial year, showcasing the Council's dedication to addressing increased costs, service demands, and the funding shortfall from the Government.
Budget Balanced Amidst Financial Pressures
Despite the challenges, Newham Council has managed to balance its budget by implementing robust financial measures. This includes making £22 million in savings and efficiencies, as well as generating £16 million from the sale of unused council land and properties. These funds will be used to provide temporary accommodation for households facing housing crises.
Protection of Essential Services
Children's Centres, Youth Services, and the Child Enrichment Programme are safeguarded from any reductions in the upcoming financial year, highlighting the Council's commitment to maintaining crucial frontline services.
Addressing Homelessness
Newham, facing one of the largest numbers of households in temporary accommodation in the UK, is actively addressing the issue. Substantial investments of £10 million in the current year and an additional £17.5 million in 2024/25 underscore the Council's commitment to providing support to those in need.
Capital Programme and Affordable Housing
The Council will continue its £460 million capital programme in 2024/25, focusing on building over 1,000 affordable homes in the borough over the next few years, addressing the critical need for housing.
Council Tax and Social Rent
Modest increases in Council Tax and social rents are planned, ensuring Newham remains one of the lowest charging authorities in the capital.
Joint Working
Since the publication of the draft budget report, the Scrutiny Committee's Budget Working Commission has worked with council officers and members on detailed savings and growth proposals, ensuring transparency in the decision-making process.
You can read the final budget here.
