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Economic Development

Council tax increases and Mersey Tunnel toll freezes: What new Liverpool budget announcements mean for business and commuters

Changes are coming

The River Mersey and the Liverpool skyline(Image: Colin Lane)

Both Liverpool City Council and the combined authority have released their budget plans for the coming year - with implications including council tax rises, and freezes on Mersey Tunnel toll prices.

People will be asked to pay more council tax and additional car parking charges in Liverpool as the city council aims to balance its books after a decade of cuts.

City Council yesterday revealed his budget plans for the next financial year, .

And while the authority will again propose that the people of the city are charged a maximum increase in council tax of 3.99% - the budget proposals may not be as drastic as many have feared.

That's because the council have managed to reduce the amount of savings it needs to make in this budget from £57.6m to £30m.

This significant reduction comes on the back of improved business rates and council tax receipts and an improved government settlement for adult social care that was confirmed in December.

 

 

The biggest boost to the council coffers has come in the shape of a £15m reduction in contributions to the Merseyside Pension Fund for 2020/21, achieved because the councils investments in the fund have performed better than expected.

Despite this, there is still £30m of savings to find - which comes after an overall government cut of £436m since 2010 - which has seen Liverpool hit harder than any other city.