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.
