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.

Will the lights go out at their fancy Town Hall?