More English councils expected to fail owing billions, warns Moody’s
by Richard Partington Economics correspondent from Economics | The Guardian on (#6ENFS)
Rating agency report amid local government crisis lists 20 most indebted authorities relative to size
More English councils are expected to fail owing billions of pounds in debts, a leading credit rating agency has warned, amid an escalating crisis for local government after years of budget cuts and mismanagement.
In a report in the wake of the financial meltdown at Birmingham city council, Moody's said several other local authorities across the country were close to issuing pre-insolvency warnings and listed the 20 most indebted in England relative to size.
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