People and companies go bankrupt every so often—but in the U.K., cities are going bankrupt, too.
Nottingham, home to 323,700 residents, well-known universities and fictional character Robin Hood, effectively declared itself bankrupt on Wednesday as its council is set to to overspend by £23 million ($29 million) in the 2023-24 financial year.
This means a pause on all non-essential spending on services not required to be provided by law.
A report raised at the Labour-run Nottingham City Council’s Executive Board meeting last week first revealed the budget shortfall.
The Nottingham City Council highlighted that it was facing a slew of challenges resulting in the gaping hole in its budget in a Wednesday report. These…
