Major British city declares bankruptcy as inflation and growing social care costs blow a $29 million hole in its budget

a bird's eye view of Nottingham city (Credit: Historic England Archive/Heritage Images via Getty Images)

People and companies go bankrupt every so often—but in the U.K., cities are going bankrupt, too.

Nottingham, home to 323,700 residents, well-known universities and fictional character Robin Hood, effectively declared itself bankrupt on Wednesday as its council is set to to overspend by £23 million ($29 million) in the 2023-24 financial year.