The report on Slough Borough Council is gorgeous.
Although Slough initially reported a £100m “black hole” in its budgets at the time of its Section 114 bankruptcy notification in July 2021, this ballooned to £480m as auditors went through the books. It also owes £680m borrowed in recent years to finance a series of property developments.
Full report here.
The current year’s budget was only lawfully set by allowing SBC to capitalise revenue
expenditure of some £84m, in part to rectify past balance sheet errors and in part to allow
services to continue to be operated at some level to comply with statutory requirements.
They borrowed a fortune – as Spud says government should do – to invest in projects – as Spud says government should do – then lost it. Which is the problem with government investing, they’re no good at it.
But His Spudness Abounds insists that this is the future for the country – government should borrow more to piss it up against the wall. Aren’t we the lucky ones?