A blunder costs a British town billions

The town of Woking, UK, is facing financial crisis after officials mismanaged funds, borrowing large amounts and investing in risky commercial projects, leaving the council with debts of £1.8bn ($2.3bn) and a budget shortfall of £9m next year, highlighting the dire financial state of local governments in the UK.

economist.com

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9/9/2023

Birmingham Declares Bankruptcy Due to Equal Pay Disputes and Overspending

The Birmingham City Council in England has declared itself bankrupt due to financial difficulties, with the main causes being equal pay claims and excessive spending on projects such as an IT system and the Commonwealth Games bid. The council has issued a Section 114 notice, halting all but essential spending. The Conservative government has refused to provide further funding, stating that it's the responsibility of local councils to manage their own budgets.