Yesterday the Government published its response to the Fairer Funding consultation which took place in the summer.
Fairer Funding aims to level up the funding of local councils, addressing the underfunding that some councils such as ours have experienced in relation to demand and population size.You can read the Government announcement here - Tackling deprivation and reversing years of unfair council funding - GOV.UKOur finance team is now working through what has been released to see what it means for Peterborough. We expect to receive further information about funding levels in future years as part of the local government finance settlement in December.
Council Leader, Councillor Shabina Qayyum, said: "This latest announcement from Government on Fairer Funding is fantastic news for councils like ours which have faced ongoing and severe financial challenges for more than a decade because of funding which has not kept pace with population growth and demand.
"We are still working through what this means for Peterborough in terms of actual funding from next year on, but we are confident it will go some way to addressing our ongoing financial challenges and allow us to start investing more in our city for the benefit of all our residents.
"Finally a Government has listened and understood that for too long some councils have prospered as a result of an out of date funding formula, and others, like ours, have needed to cut services year after year to continue to meet our residents needs the best we can.
"For this Government to hear our plight, and overhaul the whole system of funding for local government, is nothing short of remarkable.
"It is also welcome news that they are reconfirming investment in children's social care reforms so every child has the best start in life, and in housing, rough sleeping and domestic abuse to focus on prevention services and a move away from over reliance on temporary accommodation. Additional funding is also being made available for areas with greatest immediate needs and less ability to raise income locally.
"We look forward to next month when we can fully understand how Fairer Funding will impact on our budget in 2026/27 and beyond."