Unlike the revenue budgets discussed above, the 2024-25 capital settlement sees reductions in cash and real terms:
Table 4: Local Government capital settlements 2023-24 and 2024-25 (Cash terms) (£m)Local Government (Capital)2023-24 Budget document2024-25 Budget documentCash change (£m)Cash change %General Capital Grant607.60476.90-130.7-21.5%Specific (ring-fenced) capital grants139.00121.10-17.9-12.9%Total "core" Capital746.6598.0-148.6-19.9%Capital Funding within other Portfolios80.0040.00-40.0-50.0%Total capital in Finance Circular826.6638.0-188.6-22.8%Table 5: Local Government capital settlements 2023-24 and 2024-25 (Real terms) (£m)Local Government (Capital)2023-24 Budget document2024-25 Budget documentReal change (£m)Real change %General Capital Grant607.60469.03-138.6-22.8%Specific (ring-fenced) capital grants139.00119.10-19.9-14.3%Total "core" Capital746.6588.14-158.5-21.2%Capital Funding within other Portfolios80.0039.34-40.7-50.8%Total capital in Finance Circular826.6627.48-199.1-24.1%The Verity House Agreement includes three shared priorities: tackling poverty, a just transition to net zero and delivering sustainable person-centred public services.