Earlier this week Islington Council gave approval for their 2024/2025 budget. We want to have a closer look at it today, exploring the key points. In addition, we will look at some of the responses from the local area and concerns. Then, if you need help from the top provider of guaranteed rent in Islington, you can speak to us.
Key pledges
The council budget details five missions they want to achieve in the coming financial year. They are:
- Making the borough a safer place for people to call home by creating more new affordable housing
- Creating a greener and healthier area by tackling air pollution and also making it safer to walk and cycle
- Ensuring a fairer local economy with support for locals as well as local businesses
- Making the area child-friendly by tackling youth violence and providing more facilities
- Improving access to support for locals with new hubs and services
The local authority hopes that their budget will help to achieve all of these. In addition, they are working to protect frontline services.
Paying for it
The council will do a number of things to finance these goals and offer services. Most crucially, there will be a 2.99% increase in council tax. This is a similar rate to most councils in the city. However, Islington also has a Council Tax Support Scheme. It means low income households can get help and may not have to pay anything.
In addition, the council will apply a 2% precept to bring in money to help cover the cost of adult social care. It is a major area, one where costs have risen massively. The precept will raise £2.2m and add to the social care grants the council will receive.
Whether you live locally or are an investor who benefits from guaranteed rent in Islington, it is a good idea to look at how the budget will impact you. The average household will be paying around £70 more per year.
Balancing
Islington Council has also stressed that the 2024/25 budget is one that focuses on achieving a balance. While they need to ensure there will be funding to achieve their missions, they are simultaneously having to make savings because of a funding deficit that could be as high as £19m. With that in mind, and further cuts in Central Government funding on the horizon, they are aiming to save £10m this year.
The local authority will do a number of things to help achieve the savings. Firstly, they will be looking at changes to back office systems and processes. The idea is to make them more efficient and streamlined while saving on the costs. Unfortunately, the council will also look at voluntary redundancies to help reduce staffing expenses.
There is also a new charge coming in for residential green garden waste collection. Locals will need to pay a £75 annual fee for the service.
Concerns
Locals have a number of concerns about the budget. A major one is fears that there aren’t enough police. Local businesses are particularly worried about it and the fact it means they are more exposed to things like shoplifting. In addition, there are worries about services like waste collection.
Do you need guaranteed rent in Islington?
While the 2024/25 budget has some good things and some bad, Islington remains a popular place to live. It is a great area for investors too thanks to the popularity among students and renters.
If you buy assets, you can get fantastic services from us. We specialise in guaranteed rent in Islington. It is a convenient service that delivers impressive financial benefits. More importantly for some, it is also a convenient solution that does not require a huge amount of prep and work.
So, if you want to find out more, please contact us.
