No one ever wrote a folk song about local authority finances. Not even Lib Dem Glee Club will touch it. But when the money runs out, the rubbish piles up and the libraries shut their doors, voters quickly start to notice.
While countries with their own currencies cannot go bankrupt, local authorities can, through the use of section 114 notices. And since 2018, more than half a dozen have effectively declared bankruptcy including Birmingham, which happens to be the largest local authority in Europe. More are likely to follow.
