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>> No. 28775 Anonymous
11th November 2020
Wednesday 8:00 pm
28775 Croydon Council ‘declares bankruptcy’

Croydon Council ‘declares bankruptcy’ and bans spending with Section 114 notice

>It is the first time a local authority has issued a Section 114 since Northamptonshire County Council in 2018

>Croydon Council has effectively declared bankruptcy, just weeks after auditors accused the Labour-led authority of years of financial mismanagement.

>The council issued a Section 114 notice on Wednesday, barring all new spending except on safeguarding and statutory services.

>It is the first time a local authority has issued the notice since Northamptonshire County Council in 2018.

>Last month Croydon Council was placed under a government review after a damning report by auditors Grant Thornton found there had been “collective corporate blindness to both the seriousness of the financial position and the urgency with which actions needed to be taken”.

>The report revealed that warnings about the council’s parlous financial situation dating back to 2017/2018 had been effectively ignored.



It has started. When will Manchester and Birmingham fold? My brother-in-law works at Croydon Council, and he is shitting himself. I told him to polish his CV. He told me that the previous CEO was sacked and walked away with a half a million golden handshake a couple of months ago.
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>> No. 28776 Anonymous
12th November 2020
Thursday 1:47 am
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Didn't Croydon invest all their money in mad property schemes?
>> No. 28777 Anonymous
12th November 2020
Thursday 1:54 am
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I thought councils were not allowed to lose money? Did I make that up entirely or is there some manner of law or prevision like that?

Anyway, one of the reasons I like more decentralisation in this country is so someone's keeping an eye on scoundrel laden councils like these. Maybe Croydon really did think they had a brilliant plan and they'd be millionaires by this time next year and never again have to rely on a drip feed of cold piss from central government, but Manchester are a complete load of bastards who've let the city centre go to pot in various ways.
>> No. 28779 Anonymous
12th November 2020
Thursday 8:53 am
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Is this anything to do with how the Tories encouraged councils to be more like businesses and raise money that way? You know instead of funding from central government?
>> No. 28782 Anonymous
12th November 2020
Thursday 9:19 am
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No, councils aren't allowed to set unbalanced budgets. They can't stop themselves from losing money if it all goes tits up, though.
>> No. 28784 Anonymous
12th November 2020
Thursday 12:17 pm
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It's a long story.

>> No. 28885 Anonymous
19th November 2020
Thursday 3:53 pm
28885 Bexley Council backs job-cutting strategy to balance books
>Bexley Council has approved its latest strategy for a raft of money-saving measures including cutting up to 150 full-time posts from its budget in an effort to plug a large financial black hole.


Looks like Bexley's next. There are rumours, not yet published, that they will be begging the Ministry of Housing, Communities and Local Government for money this week.

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