Love Lambeth's story on 'Vital Budget Plans':

'Amid huge financial pressures after 14 years of austerity and structural underfunding from previous governments, and spiralling demand for vital front-line services, the council leadership has set out proposals to make savings of more than £99 million over the next four years.

The budget report, approved by the council’s Cabinet on Monday and recommended to the meeting of Full Council on 5th March, highlighted the impact the housing crisis was having on Lambeth’s finances:  homeless households supported by the council have increased by 50% in the last two years, to 4,600 households, and the cost of housing homeless households in overnight accommodation is expected to reach £100m this year.

The report added that unprecedented demand for statutory services including adult and children’s social care, meant the council is required to fund £45.9m of additional growth next year to fund these statutory services alone. In line with most councils, and to meet the need to fund essential services, Lambeth also plans to raise Council Tax by 2.99%, and the adult social care precept by 2%.

Cllr Claire Holland, the Leader of Lambeth Council, said: “We need to be open with residents that this is the worst funding crisis that the council and local government have ever faced.

“We will continue to do all we can to protect the front-line services people rely on, but this will not be easy. A relentless focus on delivering a balanced budget will be needed to ensure the future financial stability of the council.”

Read the full story here

And in further news, as described by the BBC, Lambeth has been awarded £40m to manage financial pressures within its housing revenue account:

'Six London councils are being allowed by the government to relax funding rules as they struggle to balance their budgets, it has been announced. The Ministry of Housing, Communities and Local Government said that Barnet, Croydon, Enfield, Haringey, Havering and Newham are among those affected for the coming financial year.
The government said: "We are under no illusion of the state of council finances and have been clear from the outset on our commitment to get councils back on their feet."
London Councils, an umbrella group for authorities in the capital, said the extra budget flexibility was a "short-term measure" that "leaves us with more long-term debts to worry about".