Cllr Oonagh Moulton - Leader of Merton Conservative Group - said:
"Council finances are on a cliff edge and it's Merton Labour who must take responsibility.
"Labour councillors' years of financial mismanagement and bad decisions have come home to roost. Their failure to deliver their own savings, maximise commercial revenue and plan for the future has led to a massive £18million hole in the budget by 2020. This year alone they are forecast to overspend by over £6million. No wonder they have had to break their election promise to freeze council tax.
"Conservative councillors are worried about what this means for Merton's families, children, elderly and disabled residents. That's why we have set out a new approach to balance the books.
"Just like Jeremy Corbyn, Labour can't be trusted with finances. Merton's residents deserve better."