The City of Nottingham declares bankruptcy.  Huge budget gap and expense cuts

The city’s budget will exceed £23 million in the 2023/2024 financial year. According to the BBC, this is not surprising as Nottingham City Council has been suffering from multi-million pound budget gaps for years.The announcement of cutting services has become an “annual event.”

“Inflation and high demand for services are common across all councils, but what sets Nottingham apart are its high-profile failings,” wrote the BBC’s local Nottingham correspondent.

See also: They have produced food for the Germans for more than a century. And now they have declared bankruptcy

They will pay the bills and not close the library

What is it And the reasons why their number exceeds 330 thousand residents and the city is heading to financial ruin? The authorities cited factors putting additional pressure on finances, among others: increased demand for social care for children and adults, rising homelessness and the impact of inflation. The situation has not improved thanks to past problems, such as excessive spending in previous fiscal years.

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