As many as 30 councils are at risk of bankruptcy and the UKs local government funding system is completely broken, according to a new survey of the sector.
Four councils Slough, Croydon, Thurrock and most recently Woking have declared themselves bankrupt in recent years, but according to a survey of 47 local authorities in the North, the Midlands and on the south coast, more may follow.
The study found that roughly a third of the authorities are experiencing severe strain on their finances, with five currently deciding whether to issue a section 114 notice of their inability to balance their annual budget in 2023-24.
A further nine councils that are members of the Special Interest Group of Municipal Authorities (Sigoma) said they may…
Read the full article at: https://www.theweek.co.uk/news/uk-news/962231/why-are-so-many-local-councils-on-the-brink-of-bankruptcy