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Birmingham, the second largest city after London in Great Britain, goes bankrupt

2023-09-06 17:59:22Kosova&Bota SHKRUAR NGA REDAKSIA VOX
Birmingham, the second largest city after London in Great Britain, goes bankrupt
Birmingham

The British city council of Birmingham has declared bankruptcy. One of the largest local authorities in Europe, has declared on Tuesday that it was unable to repay the financial obligations of the administration.

The second largest city after London, with over a million inhabitants, said it had experienced unprecedented financial difficulties.

The debt that has pushed the entity into crisis, according to the council, was a historic account of unequal payments.

A High Court ruling in 2012 ruled that hundreds of women had been discriminated against in their pay compared to their male counterparts. The council has already paid out around £1.1bn, but in June an additional £760m bill was revealed straining the council's budget capacity.

Local authorities across Britain are facing financial difficulties due to increasing demand for assistance from citizens. In addition, the general reduction of income, as well as the wave of inflation, had negative effects on the budget.

According to the authorities, it is expected that the accumulated debt will increase to 2 billion pounds. Meanwhile, in July, British finance officials said they were struggling to meet ever-increasing demands for basic services mandated by law from local authorities.

Birmingham City Council alone faces a balance sheet deficit of £95m, which is expected to rise to £165m by 2025. The council said that following due diligence on its balance sheets in July, declaring bankruptcy was a step inevitable.

As a first measure, it was decided to cut spending on all services, except essential ones. Also, it is expected that the British government will intervene to stabilize the financial situation.


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