After years of financial mismanagement and accounting errors, Slough Borough Council has effectively declared itself bankrupt and has begged the Government for help.
Yesterday the local authority announced it had issued a section 114 notice, banning all non-urgent spending in an attempt to balance its books.
It is the third English local authority to become effectively insolvent in the past three years, after Northamptonshire and Croydon.
As of the end of March this year, Slough is estimated to have a deficit of 56million, which is set to rise by another 40million in 2021/22.
If things dont change by 2025, the Labour-run council es…
Read the full article at: https://metro.co.uk/2021/07/03/council-goes-bankrupt-after-finding-100000000-black-hole-in-budget-14865014/
