The cost-of-living crisis is the latest in a decade-long series of events, including austerity, Brexit, global pandemic and the war in Ukraine that continue to erode the financial sustainability of local public services.
New research from leading business and financial adviser Grant Thornton UK LLP finds that one in six English councils could now run out of money as early as next year, without additional income or substantial further budget reductions.*
According to data from Grant Thornton’s Financial Foresight tool, developed with the Chartered Institute of Public Finance and Accountancy (CIPFA), English councils face a £7.3 billion black hole by 2025/26, an increase of £4.6 billion since the beginning of this year.
Read more about this on their website.