UK's Nottingham Files for Bankruptcy After £23 Million Budget Hole
The city in the Midlands in central England is one of the largest local authorities to succumb to a myriad of financial pressures battering councils.
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Nottingham City Council became the latest major casualty of Britain’s growing crisis in local government finances after being crippled by inflation and rising demand for its services.
The council declared effective bankruptcy by issuing a so-called section 114 notice on Wednesday after finding a £23 million hole in this year’s budget.