The City of London Corporation has been praised for strong place leadership but faces mounting financial and governance challenges, according to a new peer review.
The findings are from the governing body’s first ever corporate peer challenge, carried out by a team of senior local government figures appointed by the Local Government Association (LGA).
The LGA commended the city corporation’s strong place leadership, highlighting the Vision for Economic Growth, aiming to unlock £225bn for the UK economy, alongside the Destination City programme and City Plan 2040.
It also praised the authority’s investment of £68m in climate action, noting that it ranks among the UK’s top three councils in this field. However, it also warned that a £24.5m funding gap by 2028/29, Housing
Revenue Account pressures and challenges at the Barbican Arts Centre pose risks. It urged the council to ‘enhance organisational understanding of the financial challenge’.
The review urged action on social housing repairs and tenant engagement, governance reform looking in particular at how effective working between elected members and officers can be improved, and financial sustainability to secure long-term stability.
City of London Corporation Policy Chairman, Chris Hayward, said: ‘This review confirms the strength of the city corporation’s leadership, our clear ambition, and our deep commitment to the people and communities we serve.’
He added: ‘The report highlights important challenges, and we will act on them with pace and purpose. This is an opportunity to sharpen our focus and continue building on the strong foundations already in place.’
