In analysis from leading credit rating agency Moody's, Chorley was named among the 20 English councils with the highest debts compared to its income
The leader of Chorley Borough Council issued a staunch defence of its financial position after it was named among those with the highest debt levels.The report came following the financial collapse of Birmingham City Council which effectively declared itself bankrupt this week as it issued a legal notice stating it did not have the resources to balance its budget. That followed similar failings at stricken councils including the likes of Woking, Croydon and Slough.
He said: "I’m pleased to say that Chorley Council is in an excellent financial position bearing in mind the cost of living crisis that we all currently face and the government cuts faced by councils across the country. Whilst the figures published outline our borrowing, what it doesn’t give is the context and the wider financial position in real terms.
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