Multiple UK councils face bankruptcy due to poor investments and overspending
Several UK councils are facing bankruptcy due to poor investments and overspending, with debts totalling billions of pounds. Woking borough council in Surrey has warned it is close to effective bankruptcy after amassing debts of almost £2bn to fund a property investment spree. Liverpool City Council has more than £200m in outstanding debt that it does not expect to recover, while Croydon council has asked the government for a £500m bailout after a series of disastrous investments and financial failures left the local authority with soaring levels of debt.