Putting the MTFS into action

We had the first meeting of the combined Wider Leadership Team last week. You will have read and heard that we are going to take a different approach to the Medium Term Financial Strategy (MTFS), starting earlier in the year (now for 2019/20 in fact), and looking for initiatives that straddle directorates and functions. It links strongly to the new strategy for the next 4 years that will come into effect in April and the Delivery Plan for 2018/19 which sits below it. I’m delighted that we have now linked all of the key plans together in a cohesive form.

If that sounds a little technical and clunky, then I’ll try to explain it in plain English. We need to save between £20m and £40m next year from a budget of just under £500m – that’s about 4% – 8%; the range of figures is because we won’t know how successful our lobbying has been until late in the year, which means that we have to prepare for the worst and hope for the best. It also comes on top of the other savings that we have made in the past decade, so we can expect it to be challenging.

There are a number of ideas being considered, and the role of the WLT group is to land them, and come up with others. My old favourite of digital is especially challenging, but in perhaps unforeseen ways. The new digital service is often hard to get to work technically, but the really hard piece is switching off the old analogue service, because if you don’t do that, you don’t make savings.

So we’ve got a lot to do, but I’m encouraged by the determination and spirit that I encounter across the organisation. Last Monday’s WLT Meeting was a good start, and I think that it will develop into a real thinking powerhouse. We will be following up in the coming weeks with a couple of sessions during which we will work up the options. I’ll certainly be doing all that I can to ensure that we succeed.

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One Response to “Putting the MTFS into action”

  1. chris plant says:

    Plain English always good. Get it. Useful clarification of our position.