London’s local authorities are sounding the alarm bells over their precarious financial positions, with 29 out of the capital’s 32 councils poised to collectively overrun their budgets by £400 million this year. The warning from London Councils indicates that Borough finances are teetering dangerously close to bankruptcy due to increasing service demand, soaring inflation rates, and inadequate state funding.

The precariousness of council finance isn’t limited only to London. Since 2020, seven councils nationwide have declared effective insolvency by issuing Section 114 notices. Recently, Havering Borough Council has expressed fears of being rendered bankrupt within six months.

• Greatest contributors towards budget overspending include adult and children’s social care pressures and an intensifying homelessness crisis in London.
• Nearly 170,000 Londoners or approximately one out of every fifty city inhabitants are homeless and surviving on temporary accommodation provided by councils – a provision that is expected to exceed the allocated budget by £90 million this year alone.

With the Autumn Statement from Chancellor Jeremy Hunt due next month, London Councils is calling for increased support for local services and stabilization of council finances. Proposed measures include:

• An overall funding increase of at least 9%, mirroring last year’s growth,
• A boost in investment tackling homelessness via an uplift in local housing allowance as well as homelessness prevention grant,
• Reformations concerning what they term as the “broken local government finance system”, coupled with long-term funding agreements along with additional devolved powers.

Lambeth Borough Council Labour leader Claire Holland emphasized the criticality of these measures, describing borough finances as being “on a knife edge”. The combination of rising service demand, increasing costs due to inflation and inadequate state funding leaves boroughs in an alarmingly vulnerable position.

Despite London’s local authority resources being nearly a fifth lower than they were in 2010, there has been an increase in population by almost 800,000 – which equates to roughly the size of Leeds. This situation is worsened by over £1 billion’s worth of unfunded or underfunded liabilities over that period, including responsibilities like council tax support financing.

London Councils asserts that government intervention via the Autumn Statement is imperative for supporting borough budgets and maintaining London’s local services. However, the government is yet to comment on these demands.

Significant strides have been made towards developing the Wheeler River project in northern Saskatchewan, as uranium developer Denison Mines announces a “landmark” shared prosperity agreement (SPA) with the English River First Nation (ERFN).

This historic agreement follows years of active engagement and community consultation, reflecting a mutual commitment to maintaining an open, respectful, and cooperative relationship. An overwhelming majority of ERFN Members voiced their support for the key terms of this agreement through a ratification vote.

The SPA holds great importance as it acknowledges that:

• The Wheeler River project is situated within ERFN’s Ancestral Lands
• Denison has obtained ERFN’s consent to propel this project forward
• ERFN is recognised as the custodian of culture, customs, and environmental values associated with this land

In addition to these acknowledgements, the agreement outlines further commitments. These include allowing ERFN and its members to play a critical role in monitoring and managing environmental impact tied with this development. The SPA also promises benefits such as community investment, business opportunities, employment and training prospects along with financial compensation.

Jenny Wolverine, Acting Chief at ERFN shared her satisfaction over reaching such an important consensus after diligent negotiation sessions which required robust teamwork. She appreciated legal advisers for their assistance during negotiations; scientists who helped understand potential environmental effects; consultants that evaluated impacts and benefits from the Wheeler River project.

With one of what she believes are among the best agreements countrywide due to its sheer size and incorporation of current best practices into account – she foresees her nation looking ahead to building capacity leading up to employment generation readiness linked with the Wheeler River project.

Denison Mines, a uranium exploration and development company has its interests primarily in the Athabasca Basin region of northern Saskatchewan. The Wheeler River project is the largest undeveloped uranium initiative in an infrastructure-rich eastern part of this region. It’s home to high-grade Phoenix and Gryphon uranium deposits discovered by Denison back in 2008 and 2014, respectively.

Since 2019, significant advancements have been made towards procuring permissions for commencing the planned Phoenix ISR operation. The company submitted a draft Environmental Impact Statement for regulatory and public review in October 2022 that has been positively received and licensing is now underway.