Labour-run council is third English local authority to become effectively insolvent in past three years
A third English local authority has declared itself effectively bankrupt after the discovery of a “catastrophic” £100m black hole in its budget – the result of what it admitted had been years of poor financial management and mishandling of commercial investments.
Labour-run Slough borough council in Berkshire issued a section 114 notice on Friday, after admitting it could not meet its legal obligations to meet planned running costs. Without drastic remedial action it warned its financial deficit could rise to £150m by 2024.
