City needs its fair share of funding

Peterborough’s ongoing financial struggles are no secret, and we are not alone. Many local councils across the country are facing similar challenges and are rapidly depleting their financial reserves.

Labour is aware of this issue, largely stemming from austerity measures introduced by previous Conservative Governments.

Time is running out before councils will be forced to issue Section 114 notices — effectively declaring bankruptcy, which would trigger Government intervention and leave only essential services intact.

A Glimmer of Hope?

There has been a recent announcement from Central Government about increasing funding for councils like Peterborough. This funding may include coverage for Labour Government’s recent budget increases in employers’ National Insurance contributions. However, the details are still unclear, and the extent of the impact of this funding on the city’s finances is uncertain.

Dealing With the Conservatives’ Debt Legacy

Years of unwise decisions by previous Conservative-led Councils have left Peterborough with substantial debt.

Expensive borrowing and failed investments, such as outsourced contracts, IT projects, and risky property deals, have created significant financial burdens.

Interest payments alone consume a large portion of the council’s budget. Additionally, past decisions to freeze Council Tax in exchange for one-off central government payments have left Peterborough with one of the lowest Council Tax incomes compared to similar councils, starving the council of much-needed funds to deliver vital services.

Tough Decisions Ahead

To address the financial shortfall, the current Labour administration is considering raising Council Tax by between 4.99% and 9.99%.

This comes at a time when many families in Peterborough are already feeling the effects of the cost of living increases, making this decision particularly challenging.

The Council’s budget consultation document for 2024, due to be approved at the Labour Cabinet on 17th December, outlines potential service cuts to balance the books.

Key proposals include:

• Reducing the number of libraries from 10 to just 3.

• Mothballing the city’s Lido.

• Transferring leisure centres in Orton and Werrington to local schools.

• Removing speed cameras.

• Cutting the road repair budget by 10%.

Why Your Voice Matters

The choices outlined in the budget consultation mean residents will face higher Council Tax while receiving fewer services. The real question before you is: how much more are you willing to pay to save some of the services on the chopping block?

Residents are urged to participate and have their say to help shape the future of Peterborough, because if we lose some of these vital services, it is unlikely we will ever see them return.

Time for Labour to Deliver

In the meantime, our local Labour councillors and MPs, along with the Labour Combined Authority Mayor, need to impress upon the government the need for Peterborough to receive its fair dues in grant funding, something the previous Conservative administration was unable to do with the previous Conservative Government, despite spending local residents’ money on a totally ineffectual “Stand Up for Peterborough” campaign that achieved nothing and cost thousands.

Labour needs to show they are the change voters believed in and can respond to local people’s concerns and get a proper outcome for Peterborough