The Labour-run Slough council, a Berkshire local authority declared a a section 114 notice in July l (bankruptcy) last year 2021 .....
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| Slough Borough Council |
..... as a result of its £760m borrowing debt (much of it channelled into property investment), and a cumulative budget deficit of at least £174m by 2025 - I can't recall a UK local authority going bankrupt before. The council said it was making "large strides in righting the wrongs of our past," after spending included a new £54m council headquarters, as well as investments in three leisure centres, an ice rink, affordable housing, and commercial properties around the country resulted in a "substantial financial risk"
Labour council leader James Swindlehurst said: "We are financially in a very challenging place, and we will be asking government for a level of capitalisation direction [borrowing to finance day-to-day spending] which has never before been made by a local authority."
Chief executive Josie Wragg, was sacked as chief executive of Slough BC for gross misconduct after being denounced as "reckless" with a failed council restructure .... Ms Wragg said: “I wholly refute the decision taken today by Slough Borough Council. I am prepared to robustly defend my reputation, which has been established following 30 plus years of otherwise unblemished service in local government, in the face of these baseless claims.”
A report by the government commissioners who have taken over the running of the council, said it would have to sell most of its assets "without exception," and that it needed to sell up to £600m of its £1.2bn of assets to reduce its debt.
Its bad enough when you get rotten boroughs like Tower Hamlets, where Muslims vote by religion, and vote in a vote rigging corrupt regime (The Tower Hamlets administration is comprised of 25 men, all from the Bangladeshi community), but for another council to fall victim to sheer bloody incompetence is a disgrace.
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