More than 100 local authorities have joined a new initiative that aims to save £1bn by September 2022.

The £Billion Challenge, started by Commercial Gov, helps local authorities develop and share new ways of saving money and generating new revenue.

Participants at the 113 local authorities involved submit ideas to a platform developed by Wazoku, which can then be discussed and piloted where appropriate.

Sanjay Mistry, commercial programme manager at Cheltenham Borough Council, said: ‘Collaboration is key in helping to alleviate this strain, and to provide the opportunity for greater benefits and shared success.

’The £Billion Challenge provides a driver for like-minded authorities to come together to innovate and solve problems for the greater good.’

The £Billion Challenge focuses on four different challenges: innovative to save, income generation, quick wins and joint procurement.