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107.8 Radio Jackie - Bulletins aired each hour
Tuesday, 22 November 2022
Croydon Council says it will once again be facing bankruptcy if it doesn’t get more financial support from central government.
The borough’s Mayor Jason Perry says his analysis of the finances has shown more unresolved accounting risks totalling £48 million. The authority first declared bankruptcy in 2020 and was given a £120 million bailout loan by central government to balance the books. Mr Perry says “the previous administration” has “shamed” Croydon with a lack of governance and financial mismanagement. The council is around £1.6 billion in debt, and says it needs to “become a much smaller organisation”. Croydon has been named next year’s Borough of Culture in a move it’s hoped will bring many financial opportunities to the area.
posted by Radio Jackie News Team @ 3:07 pm
 
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