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BBC News
37 minutes ago
- BBC News
Blackburn with Darwen Council facing possible budget gap of £7.8m
A Lancashire council faces a potential budgeting shortfall of £7.8m by the end of the financial year based on spending figures for the three months to the end of June, it has emerged.A report will be given to Blackburn with Darwen Council this week by councillor Vicky McGurk, who is in charge of finance at the will be asked to develop plans to balance the comes after the council recorded a £4.4m surplus on its budget for the 2024/25 financial year. Ms McGurk's report reveals the biggest predicted overspend is for children, young people and education, totalling £ is despite the forecast outturn for the Schools and Education Dedicated Schools Grant portfolio breaking even, the Local Democracy Reporting Service predicted overspends include:Adult social care and health: £106,000Housing and public health: £95,000Environment and operations: £198,000Growth and development: £1.648mFinance and governance: £247,000Digital and customer services: £280,000Other corporate income and expenditure budgets: £1.853mDocuments prepared in the report said: "The council's medium term financial plan showed a funding gap of £18.8m by 2028/29, with the most immediate issue being a gap of £11.1m in 2026/27."Should there be no further mitigation during the remainder of the financial year, the council would need to draw an additional £7.783m from its reserves and balances to achieve a balanced budget." Listen to the best of BBC Radio Lancashire on BBC Sounds and follow BBC Lancashire on Facebook, X and Instagram and watch BBC North West Tonight on BBC iPlayer.
Reuters
2 hours ago
- Reuters
UK appoints adviser for potential Thames Water collapse, source says
LONDON, Aug 12 (Reuters) - Britain has appointed FTI Consulting to advise on contingency plans for Thames Water to be placed into a special administration regime were the country's largest water utility to collapse, a government source said. The heavily indebted and loss-making company is battling to avoid nationalisation by securing 5 billion pounds ($6.7 billion) of finance from its senior bondholders. Thames, which said in July it had enough funds to continue operating for 12 months, needs a reset of regulations for the deal to go ahead. The government said it would always act in the national interest. "The company remains financially stable, but we have stepped up preparations and stand ready for all eventualities, including applying for a Special Administration Regime if that were to become necessary," a government spokesperson said in an emailed statement. FTI's appointment was first reported by Sky News. ($1 = 0.7433 pounds)
Reuters
4 hours ago
- Reuters
China offers interest subsidies for consumer services enterprises
BEIJING, Aug 12 (Reuters) - China will offer interest subsidies for enterprises in eight consumer service sectors including catering and tourism, in a bid to support services consumption amid a slowing economy. The maximum loan amount eligible for the interest subsidy for a single entity could be up to 1 million yuan ($139,095), nine government departments, including the Ministry of Finance, said in a statement on Tuesday. ($1 = 7.1893 Chinese yuan renminbi)
