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https://order-order.com/2020/11/11/breaking-labour-controlled-croydon-council-officially-bankrupt/

Croydon Council has just issued a Section 114 notice – effectively the equivalent of bankruptcy – with immediate effect. They are the only London Borough in this position.

Local MP Chris Philp puts the blame squarely on the Labour administration:

"Labour has bankrupt Croydon through poor financial control, running up £1.5 billion in debt and engaging in disastrous commercial property speculation."

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What is actually least germane to that story is that they are "Labour controlled". This collective madness amongst councils to run up huge debt by buying into the collpasing asset class of commer

So, is what happens next is that the people responsible for terrible decisions get to live the rest of their lives in penury? Or is it that the idiots who made the bad decisions get to keep the f

My typing has been erratic of late but that is actually correct. Deserts in the sense of what people deserve.  The root is the same. Just desserts was originally started as a joke but has so

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The Labour Party should be ideologically held responsible, will be interesting to see a full audit of the financial shenanigans that have gone on and how much money has been siphoned off into their buddies businesses.

Nepotism is a big thing in local government and Labour councils are historically the worst when it comes to constant low-level stuff.

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11 minutes ago, Frank Hovis said:

What is actually least germane to that story is that they are "Labour controlled".

This collective madness amongst councils to run up huge debt by buying into the collpasing asset class of commercial property has been driven by the council excutives egging each other on at conferences ("I've bought £100 million of retail outlets", "Well I've bought £200m so ner!") before bringing it back to the hapless elected councillors to rubber stamp as being a surefire winner to generate a new and substantial income stream to offset loss of central government grant.

When in reality they may as well have been using fifty pound notes to run the boilers for all the good that property will do them.

Croydon may be the first in this run but I am expecting dozens to follow.

My own council, Cornwall, has been equally stupid in this regard and I would think it their just deserts if they also went pop.

Idiots all.

I don’t think Central can let it run because impact will balloon out into wider UK credit ratings. You cant have a tier of government going under. 

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1 hour ago, MrLibertyRedux said:

https://order-order.com/2020/11/11/breaking-labour-controlled-croydon-council-officially-bankrupt/

Croydon Council has just issued a Section 114 notice – effectively the equivalent of bankruptcy – with immediate effect. They are the only London Borough in this position.

Local MP Chris Philp puts the blame squarely on the Labour administration:

"Labour has bankrupt Croydon through poor financial control, running up £1.5 billion in debt and engaging in disastrous commercial property speculation."

Fucking morons. State on this fucking cuntry.

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1 minute ago, Knickerless Turgid said:

I know it is warm and sandy down there, Frank, but come on!

My typing has been erratic of late but that is actually correct.

Deserts in the sense of what people deserve.  The root is the same.

Just desserts was originally started as a joke but has somehow come to be the usual spelling.

 

What to Know

Despite its pronunciation, just deserts, with one s, is the proper spelling for the phrase meaning "the punishment that one deserves." The phrase is even older than dessert, using an older noun version of desert meaning "deserved reward or punishment," which is spelled like the arid land, but pronounced like the sweet treat.

https://www.merriam-webster.com/words-at-play/just-deserts-or-just-desserts

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5 minutes ago, Frank Hovis said:

My typing has been erratic of late but that is actually correct.

Deserts in the sense of what people deserve.  The root is the same.

Just desserts was originally started as a joke but has somehow come to be the usual spelling.

 

What to Know

Despite its pronunciation, just deserts, with one s, is the proper spelling for the phrase meaning "the punishment that one deserves." The phrase is even older than dessert, using an older noun version of desert meaning "deserved reward or punishment," which is spelled like the arid land, but pronounced like the sweet treat.

https://www.merriam-webster.com/words-at-play/just-deserts-or-just-desserts

Well consider me both educated and chastised!

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Local councils largesse ..notably with bargain basement commercial property post banks collapse, has frequently been mentioned on here.

You are doing these masterminds a diservice.

Buy cheap...bang up council tax to a max...hey presto...more cheapo "prime" commercial property as the already struggling finally succumb to head below water.

Those Icelandic bank schemes so yesterday.

How many more to declare effective bankcrupcy though?

If there are more sinking councils, surely this bill , this debt, is going to bounce back centrally? Yet more tax.

What a shit heap we have arrived at.

How do we get out of this.

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2 hours ago, MrLibertyRedux said:

https://order-order.com/2020/11/11/breaking-labour-controlled-croydon-council-officially-bankrupt/

Croydon Council has just issued a Section 114 notice – effectively the equivalent of bankruptcy – with immediate effect. They are the only London Borough in this position.

Local MP Chris Philp puts the blame squarely on the Labour administration:

"Labour has bankrupt Croydon through poor financial control, running up £1.5 billion in debt and engaging in disastrous commercial property speculation."

So now financially as well as morally bankrupt, nice.

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