The UK government has enabled 30 local authorities to collectively borrow £1.5 billion to manage severe financial gaps due to underfunding and rising demands for social services, such as social care. The councils, including Birmingham and Bradford, are also allowed to implement council tax hikes of up to 10%. New measures prevent these councils from selling community and heritage properties to mitigate risk of asset fire sales, amidst fears of financial collapse affecting a significant number of town halls in London, as noted by local government officials.
A record 30 English local authorities have received bailouts allowing them to borrow a total of £1.5bn to prevent bankruptcy and avoid asset sales.
Councils now face conditions preventing them from selling community and heritage assets, reflecting government fears of desperate financial strategies.
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