The Labour Party are so crap with public finances that Labour controlled Croydon Council has gone bankrupt.
The south London council yesterday issued a Section 114 notice, which means that the local government is effectively bankrupt and will only be allowed to provide essential and statutory services.
Croydon faces a budget shortfall of £66 million, which local Assembly Member Steve O’Connell described as a tragedy of financial mismanagement.
“It’s a tragedy for the people of Croydon because it means that presumably financial control will be taken away from the council and it’s basically gone bust,” he said.
He said: “Despite the Conservative opposition putting pressure on them for some time, they were saying it’s all the fault of Covid and austerity when it’s the fault of financial mis-management.”
Could there be other Labour councils go bust because of Labour’s financial mismanagement? Interestingly here in the Ipswich
Star, Ipswich Politburo General Secretary, David Ellesmere claims ‘Coronavirus has wreaked havoc with the borough’s finances.’ Well actually, Ipswich Labour have been wreaking havoc with the borough’s finances with their policy of tax spend, borrow, tax, spend borrow. Naturally, Ellesmere tries to attack the Conservative government, but as the Conservatie government has given the borough millions to get through the crisis, the mud doesn’t stick. So how can Ipswich Labour get out of being blamed for the chickens coming home to roost as a result of thier financial mismanagement? Blame Covid. Labour councils across the country are going to be blaming Covid for the mess they create for years to come. Ipswich Labour council, like Croydon Council, is not an exception. Ipswich Labour have spent all the reserves, borrowed millions and spent all the money on vanity projects. Labour
So, could Ipswich Borough Council go bankrupt? I don’t know. But if it does, though it will cause carnage, the Borough Council will have to be replaced with a new council. So it’s won’t be bad in the long term for Ipswich because the new council would likely be a Greater Ipswich Authority that will most likely, Vote Conservative.