Item 5 - Local Government Finance - update (LD8/20)

Summary
 
This report updates Leaders’ Committee on the outcome of the Spending Review on 25th November 2020, which sets government departmental expenditure limits for the next financial year (2021-22).
 
It is too early to confirm what the exact impact will be, and more detail is likely to emerge over time, however this paper outlines for Leaders the finance and policy announcements that impact upon London local government.
 
It also provides the latest update of the financial impact of the COVID-19 pandemic on London local government based on the latest funding announcements and October MHCLG survey. 
Recommendations
 
Leaders’ Committee is asked to note:
• the outcome of the Spending Review; 
• the proposed approach (set out in paragraph 12) to further finance lobbying that will be required ahead of the key events that are due in 2021-22; and 
• the latest estimates of the financial impact of Covid-19 on London local government.

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