City Corporation announces 2022/23 budget, council tax frozen

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The Court of Common Council has resolved to ensure security funding keeps pace with increasing demands on police services and supports the Square Mile’s recovery.

Elected Members discussed a number of proposals relating to the City Corporation’s 2022/23 budget as part of an effort to ensure the organisation’s finances remain on a sustainable footing over the medium-term.

They agreed on an increase in the adult social care precept of 1 percent from 1 April 2022, to help in meeting additional costs arising from social care and tackling homelessness.

Council tax will otherwise be frozen in 2022/23.

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The business rates premium – used to support the City of London Police, security and contingency planning activity within the Square Mile at an enhanced level – will rise by 0.4p in the pound in 2022/23 to 1.2p in the pound due to increasing demand for City of London Police services.

Increasing demands on the City of London Police include overseeing protest activity, a changing night-time economy and evolving cyber threats. These demands sit within the context of a shift in the balance of central funding towards locally levied taxes.

A City of London Corporation spokesperson said: “Elected Members today agreed to take steps that will ensure our medium-term finances are kept on a sustainable footing and allocate resources to support our post-pandemic priorities.

“This will also help to deliver a safe and secure recovery across the Square Mile in light of growing demands on the City of London Police.

“Delivering this robust budget will help us to provide high quality, efficient services for workers, residents and visitors. We are committed to building back better and ensuring the Square Mile flourishes for generations to come.”

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