A City of London Corporation spokesperson said:

“The City of London Corporation provides high-quality public services that workers, residents, visitors and students expect of a global financial district.

“This matters, as the Square Mile is home to the UK’s financial and professional services sector, which generates 12% of all tax receipts and helps pay for vital public services delivered across the UK.

“Refurbishment works at the Barbican are now underway, backed by £191 million in funding from the City of London Corporation, which will secure the future of this internationally renowned arts centre and grade-II listed site, for generations to come.

"Our elected Members are considering a range of options as part of the budget-setting process; this work includes extensive modelling to inform decision-making.

“Final recommendations on council tax levels and the City's five-year financial plans will be presented to the Court of Common Council in March 2027.”