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Local authorities can collectively borrow £1.5bn to plug budget gaps caused by underfundingA record 30 English local authorities have been granted effective “bailouts” enabling them to borrow money to avoid bankruptcy, as ministers advised them against selling off prized local assets such as historic buildings, parks and allotments.The councils, all of whom were experiencing “unmanageable” financial pressures, were given the green light by ministers to collectively borrow £1.5bn to plug significant budget gaps caused by underfunding and soaring demand for social care and other services. Continue reading…
Local authorities can collectively borrow £1.5bn to plug budget gaps caused by underfunding
A record 30 English local authorities have been granted effective “bailouts” enabling them to borrow money to avoid bankruptcy, as ministers advised them against selling off prized local assets such as historic buildings, parks and allotments.
The councils, all of whom were experiencing “unmanageable” financial pressures, were given the green light by ministers to collectively borrow £1.5bn to plug significant budget gaps caused by underfunding and soaring demand for social care and other services.
