The Overview & Scrutiny Committee of Enfield Council met on Wednesday, 11 February 2026, to discuss the Council's Treasury Management Strategy for 2026/27, the emerging Local Plan and housing delivery, and an update on the Meridian Water regeneration project. Key decisions included noting the Treasury Management Strategy, which forecasts a slight increase in external debt to £1.37bn while remaining within affordability targets, and agreeing to the proposed approach for Meridian Water, which involves market testing to identify partners for accelerated delivery of homes and jobs.

Treasury Management Strategy 2026/27

The Committee received the 2026/27 Treasury Management Strategy report, which outlines the Council's plans for managing its borrowing, investments, and cashflow. The report indicates that external debt is forecast to rise slightly to £1.37bn, with capital financing costs expected to remain within the Council's affordability range of 10–12% of the Net Revenue Budget. The strategy includes updated assumptions regarding Meridian Water capital receipts, a continued focus on reducing long-term borrowing exposure, and a staged Debt Strategy aimed at maintaining responsible and sustainable debt levels.

During the discussion, Sol Otchere, Director of Finance, Capital & Commercial, explained that the projected increase in borrowing is primarily for investment in housing through the Housing Revenue Account, aimed at reducing reliance on costly temporary accommodation. He clarified that General Fund borrowing is reducing and overall borrowing levels are on a downward trajectory. Members also discussed the £32m figure for capital financing costs in 2026/27, which includes both interest and Minimum Revenue Provision (MRP), confirming it sits within the Council's affordability range and is lower than projected twelve months ago. Concerns were raised about the reliance on the Public Works Loan Board (PWLB) and the risks of gilt-linked interest rate movements. Officers explained that much of the Council's existing debt benefits from historic fixed-rate loans at lower rates, and all borrowing decisions are made in line with the Prudential Code and treasury advice. The auditors' concerns were clarified to relate to the MRP policy and debt treatment, not the broader capital programme strategy. Officers also explained that the apparent increases in PFI and finance lease liabilities are due to IFRS 16 accounting standards for temporary accommodation leases, which do not represent actual borrowing.

Local Plan and New Homes - Housing Delivery, Land Supply and Approach to Green Belt, Grey Belt and Brownfield Land

May Hope, Head of Strategic Planning & Design, presented an update on the emerging Local Plan and the Council's strategy for meeting Enfield's housing needs. The Plan aims to deliver approximately 34,000 new homes, with a strong emphasis on affordable and family housing. The strategy prioritises development on brownfield land, directing growth towards town centres, regeneration areas like Meridian Water, and suitable public-sector land, including selected car parks. While Enfield has significant Green Belt constraints, the Plan proposes limited, evidence-based release in less sensitive locations. The Plan is currently undergoing independent examination by the Planning Inspectorate.

Members sought further details on the brownfield-first approach, with Officers explaining that around 75% of the 96 site allocations are on brownfield land, potentially delivering around 25,000 homes. They confirmed that car park redevelopment is focused on sites with surplus capacity in sustainable town centre locations, with impacts on high streets to be assessed at the application stage. The term Grey Belt was clarified as not being a formal planning designation within the National Planning Policy Framework, meaning the Plan is assessed solely against established Green Belt policy tests. Officers explained that exceptional circumstances for Green Belt release at the plan-making stage are justified by Enfield's high housing need, including affordable housing and social infrastructure requirements, distinguishing this from the very special circumstances required for individual planning applications. The housing target of 34,000 homes over the plan period was confirmed, exceeding the current London Plan requirement.

Meridian Water Update

Cllr Tim Leaver, Deputy Leader of the Council, introduced the update on the Meridian Water regeneration project, highlighting its long-term ambition to deliver 10,000 homes and 6,000 jobs. He outlined the progress made since the Council became the master-developer in 2016, including land acquisition, planning consents, infrastructure investment, and the delivery of the new station and initial housing phases. The current proposals aim to undertake market testing to identify partners for accelerated delivery and to strengthen delivery capacity.

Members raised concerns about the project's pace and history, with Officers explaining that Meridian Water has faced significant economic challenges and that the Council's intervention as master-developer was crucial for progress. The Deputy Leader acknowledged the tension between financial recovery and accelerating housing delivery, but stressed that delivering homes and jobs remains the priority. Discussions covered job creation for local residents, with Officers detailing mechanisms such as construction skills academies, apprenticeships, and employability programmes. The proportion of affordable housing delivered to date was noted as 40%, with future phases dependent on market conditions. Members also sought reassurance on contractual milestones and the performance of development partners, with Officers confirming strong relationships and ongoing progress despite market delays. The Savills report's recommendations for a comprehensive data room to support market engagement were confirmed as being underway.

Work Programme 2025/26

The Committee noted the Overview & Scrutiny Committee Work Programme for 2025/26.

Dates of Future Meetings

The dates for future meetings were also noted.