Thurrock council has become the latest local authority to formally declare effective bankruptcy, as it grapples with a £500m deficit caused by a series of disastrous investments in risky commercial projects.
The Conservative-run council in Essex admitted three weeks ago that it faces big cuts and job losses after revealing it had lost £275m on investments it made in solar energy and other businesses, and has set aside a further £130m this year to pay back investment debts.
