South London authority says it faces ‘existential question’ after asking ministers to write off £1.3bn of debt
Croydon council has declared effective bankruptcy for the third time in two years, saying it faces an “existential question” after collapsing under the weight of a “toxic debt burden” running to more than a billion pounds.
In the latest sign of the continuing financial storm raging through local government, the south London authority said it would be unable to balance its books after April, and signalled a fresh round of brutal cuts to services and job losses.
South London authority says it faces ‘existential question’ after asking ministers to write off £1.3bn of debt Croydon council has declared effective bankruptcy for the third time in two years, saying it faces an “existential question” after collapsing under the weight of a “toxic debt burden” running to more than a billion pounds.In the latest sign of the continuing financial storm raging through local government, the south London authority said it would be unable to balance its books after April, and signalled a fresh round of brutal cuts to services and job losses. Continue reading…
