London Council Speech: the housing crisis

Our city is the most affected by the housing crisis, and the terrible impacts on individuals and families are accompanied by rapidly rising pressure on our council finances, with the gap between need and funding identified as 17% by the Institute for Fiscal Studies, the largest in England.

These financial challenges are exacerbated by funding systems that are based on outdated data and don’t recognise the deep impact of housing costs and homelessness on our boroughs.

For Redbridge, this is reflected in population growth of 11.4% since 2011, and a spend of £52m a year on temporary accommodation. For Waltham Forest, the pressure has added up to a 55% increase in temporary accommodation in just one year.

The government is rightly reviewing the local government finance formula, and I am arguing that these factors must be taken fully into account.