The council has saved £190 million since 2010.
Growing financial pressures and the need to reduce our reliance on reserves, mean that we still need to save an extra £39 million by 2023.
Tower Hamlets has one of the fastest growing populations in the UK, which is projected to rise from 323,700 in 2019 to 341,000 by 2023 and 376,300 in 2029. This is equivalent to 14 new residents every day for the next ten years.
By 2029, the number of age 65+ residents is expected to grow by 39 per cent, compared with a 17 per cent increase in working age residents and a 5 per cent rise in school aged children. This is likely to lead to even greater pressure on frontline services for vulnerable adults and children.
This is a major challenge for the council. We will continue to ensure that we give careful consideration to every penny that we spend.
Increasing pressures on our limited finances
- 4% more children and young people.
- we will need up to 1,600 extra school places.
- 13.5% of residents live with a long term health condition or disability.
- 6% increase in population (to 341,000).
- 14% rise in older people.