City Corporation: “prosper with prudence and partnerships” as 2023/24 budget agreed

The Court of Common Council, the City of London Corporation’s main decision-making body, has today (9 March) agreed to bolster spending on social care and policing to further support the Square Mile’s recovery.

Elected Members discussed a number of proposals relating to the City Corporation’s 2023/24 budget as part of an effort to ensure the organisation’s finances remain balanced over the medium-term.

The following decisions were taken:

  • A Social Care precept of 2% on council taxpayers
  • An increase in Council Tax by a further 2.99% to support adult Social Care and Children’s Services
  • An increase in business rate premium by 0.2p and raising £4.2m to support security needs and cover police inflationary pressures
  • A 7% increase in social housing rents to ensure that the Housing Revenue Account remains in balance and can meet maintenance obligations

The budget was signed off to provide a buffer against inflation, support some transformational change in the City Corporation’s operational property and identify opportunities for income generation. 

Chairman of the City of London Corporation’s Finance Committee, Henry Colthurst, said:

“The proposed council tax increase of 4.99% and business rate premium proposals were presented to ratepayers on 6th February.

“No adverse comments were made. Indeed, all attendees appeared to accept commercial reality. In truth, we have little room for manoeuvre.

“We need to take a long-term view and act with prudence, patience, perseverance and we need to participate in partnerships.”