Martin Ford 30 November 2023

London borough applies for capitalisation direction

London borough applies for capitalisation direction image
Image: Terence J Allington / Shutterstock.com.

Havering LBC is to apply for a capitalisation direction as it bids to avoid issuing a section 114 notice next year.

Despite making savings, reining in spending and factoring in a maximum increase in council tax, the council still faces a gap in its budget for the next financial year.

A surge in demand for temporary housing and children’s services are the chief financial pressures facing Havering, which has imposed spending controls ‘until further notice’.

After budgeting for a 4.99% council tax increase, a gap of £12m remains to be bridged for 2024-25.

A report to a meeting of Havering’s scrutiny committee last night read: ‘The council cannot afford to wait for Government support that might not be forthcoming and so as had no alternative but to apply for a capitalisation direction to close the remaining gap.’

It added the council ‘had to take this route to avert a potential s114 notice in the new year’.

This article was originally published by The MJ (£).

If this article was of interest, then check out our feature, 'Preventing future Section 114 notices'.

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