Ahead of next week’s Budget Council, Mayor Jason Perry has set out how stabilising Croydon’s finances has been essential to restoring confidence in the borough and delivering visible progress after years of financial failure.
When the Mayor took office in 2022, Croydon Council was effectively bankrupt. Reserves had been exhausted, borrowing was out of control, and Government Commissioners had been appointed to oversee the council’s finances and governance. The immediate priority was to restore basic financial discipline and ensure the council could meet its legal duties.
The Mayor said that strong financial control has been the foundation for rebuilding confidence among residents, businesses, investors and delivery partners.
Since 2022, Croydon has secured more than £1.2 billion of inward investment, with long-stalled regeneration projects now moving forward. Westfield is back on track, providing renewed confidence in the town centre. Purley Pool is set to begin development, unlocking a site that has been dormant for years. Coulsdon’s new medical centre is under construction, delivering modern healthcare facilities for local residents.
Alongside major regeneration, the Mayor said his administration has focused on visible improvements across neighbourhoods, including blitz cleans in district centres, tougher enforcement against fly-tipping and graffiti, and a zero-tolerance approach to issues such as tenancy fraud.
Mayor Jason Perry said:
“You cannot rebuild a borough without first stabilising its finances. When I became Mayor, Croydon was bankrupt and under Government oversight, so our first responsibility was to regain control and restore confidence. Because we have done that, we are now seeing real progress, with investment coming in, long-delayed projects moving forward, and visible improvements in our town centres and neighbourhoods. A lot has been done to get Croydon back on track, and there is still a lot more to do. This budget is about protecting services, maintaining stability and continuing that progress responsibly.”
The Budget Council will take place on Wednesday 25 February 2026.
