11 months ago
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Nottingham City Council made the announcement on Wednesday
Nottingham City Council has declared itself effectively bankrupt, meaning it will stop all spending other than services it must provide by law.
A recent report said the Labour-run council was set for a £23m overspend in the 2023-24 financial year.
It has been beset by financial issues in recent years, and was already being monitored by the government.
The council's chief finance officer said the authority was unable to deliver a balanced budget.
The officer has issued a report under section 114 of the Local Government Finance Act 1988.
It emerged the council was considering issuing the section 114 notice earlier this month.
The authority cited increased demand for children's and adults' social care, rising homelessness and the impact of inflation as putting extra pressure on its finances.
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