Not seen it mentioned here but reports say that there are another 40 councils on the verge of declaring bankruptcy, along with the 7 that already have.
The list includes Hampshire County Council and Southampton City Council. SCC are said to be considering selling off assets to the value of £80(?) million, which would cover it’s debt and leave some money over, but the cynic in me wonders what scrotes, with contacts to the government, would make a killing from buying the assets.
Starmer says that the government are telling councils to increase Council Tax by the maximum amount, to try to cover some of their shortfall and the IMF is strongly stating that the government should NOT be cutting taxes at the next budget and have reduced the UK growth forecast to 0.6%.
I think the odds are high that Inheritance Tax will be scrapped, at the next budget, if the stories are to be believed, but good governance would suggest (IMO) leaving it as it is and using the money to help the councils. Could actually be a vote winner for a few MPs, if they can convince voters that the shortage of money being centrally allocated to the councils is not their doing, in the first place.