Nottingham City Council has declared itself effectively bankrupt, saying it cannot follow through on its legal requirement to balance this years budget.
The local authority issued a section 114 notice on Wednesday, halting all new spending immediately excluding in the event of protecting vulnerable people and funding statutory services.
The announcement follows reports of financial pressure within the council, which was unable to enter the power market with Robin Hood Energy.
Nottingham City Council has also dipped into funding ring-fenced for local housing needs in its general budget.
The local authority faced further challenges posed by spiralling inflation, the rising cost of social care, homelessness and a change to central govern…
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