The UK city of Nottingham declares de facto bankruptcy and will suspend all new spending outside the law
Hawk_Finance
2023-11-30 17:59:06
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On November 29, local time, according to several British media reports, the city council of Nottingham, a city in central England, declared the city de facto bankrupt and issued a report under section 114 of the Local Government Finance Act 1988.。This means that the city will stop all spending outside of services required by law.。The city of Nottingham, the UK's second-largest trading hub after London, has been plagued by financial problems in recent years and has previously been regulated by the UK government.。The city's founding Robin Hood Energy had operational problems in 2020 and Nottingham City Council has been under financial pressure ever since。In September, Birmingham, Britain's second-largest city, declared de facto bankruptcy, also suspending non-essential public spending.。
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