Half a dozen cash-strapped local authorities in England have been told they will be allowed to raise council tax by more than five per cent this year in a bid to stave off bankruptcy.
The London Standard’s chief political correspondent Rachael Burford reports the government signed off its final funding settlements for town halls and announced six authorities have been given permission to increase bills by larger than normal amounts - without holding a referendum.
She joins us to discuss councils’ financial outlook for the year ahead as London boroughs say they still face a £500 million shortfall.
In part two, The London Standard’s business editor Jonathan Prynn on reasons behind an exodus of millionaires from the capital - and how countries including Abu Dhabi want a slice of the financial action.