Britain’s second-biggest city effectively declared itself bankrupt on Tuesday, shutting down all nonessential spending after being issued with equal pay claims totaling up to £760 million ($956 million).
Birmingham City Council, which provides services for more than one million people, filed a Section 114 notice on Tuesday, halting all spending except on essential services. The deficit arose due to difficulties paying between £650 million and £760 million in equal pay claims, the notice report says. The city now expects to have a deficit of £87 million for the 2023-24 financial year.
“Like councils across the country, it is clear that this council faces unprecedented financial challenges, from huge increases in adult social care demand and dramatic reductions in business rates incomes, to the impact of rampant inflation.” “Whilst the council is facing significant challenges, the city is very much still open for business and we’re welcoming people as they come along,” she added.
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