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COVID-19 could deal $33M financial hit to London by end of August, city staff project
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A report going before London city councillors next week paints a stark picture of the financial impacts the COVID-19 pandemic is projected to have on the Forest City.
As a result of additional pandemic-related costs, lost revenues, and relief measures to help struggling Londoners, city staff are projecting a potential hit of up to $33 million to the city’s budget by the end of August if things remain the way they are, according to a new report released Wednesday.
Staff note the projections could vary significantly as the pandemic continues, and don’t include potential budgetary impacts that could come from a prolonged pandemic or economic recession, such as property tax write-offs, and delayed or potentially lost construction-related
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COVID-19
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India
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