Which councils are in debt in the UK?

Several UK councils are experiencing severe financial distress, with many issuing section 114 notices (effectively declaring bankruptcy) or requiring exceptional financial support from the government due to rising debts and service costs. Major councils in crisis include Birmingham, Croydon, Nottingham, Woking, Slough, and Thurrock.

Which councils are in financial trouble?

In 2023, Birmingham City, Nottingham City and Woking Borough councils were reported 'bankrupt'.

Who does the UK owe most of its debt to?

The British government's debt is owned by a wide variety of investors, most notably pension funds. These funds are on deposit, mainly in the form of Treasury bonds at the Bank of England. The pension funds, therefore, have an asset which has to be offset by a liability, or a debt, of the government.

How much debt is the UK local government in?

Freedom of Information (FoI) request responses from 254 councils found that roughly a fifth of council tax revenue is being spent on payments for debt interest. The data indicated that local authorities jointly owe £148.5bn or more, with interest bills equating to around £12.8m annually.

How much does the UK owe China?

It's difficult to pinpoint an exact figure for how much the UK owes China, as the UK doesn't track this specifically, but estimates from around 2018 suggested China held significant UK debt, potentially around 15% of overseas holdings (roughly £267 billion), primarily through Chinese financial institutions buying UK government bonds (gilts). While China is a major holder of UK debt, most of the national debt is held domestically by UK entities like pension funds, and Chinese holdings include commercial banks and institutions rather than just the Chinese state. 

This Is Why 9 Councils Are Bankrupt

What country is #1 in debt?

1 United States 21,764,799 2 Euro area 18,075,643 3 United Kingdom 9,837,535 4 France 7,368,685 5 Norway 7,110,029 6 Germany 6,6,91,139 7 Japan 4,687,815 8 Netherlands 4,197,719 9 Luxembourg 3,965,300 10 Italy 2,749,75 https://www.ceicdata. com/en/indicator/norway/external-debt--of-nominal- gdp https://www.gfmag.com/ ...

Which county has the highest debt?

🇺🇸 U.S. The United States continues to lead with $38.3 trillion in government debt, which accounts for just over one third of the global debt pile. China and Japan follow with $18.7 trillion and $9.8 trillion respectively, meaning the top three countries combined account for 60% of the world's debt.

Which country is not in debt?

There is no independent country that is completely debt-free. Having national debt is considered normal in modern economic systems. The country with the highest national debt is Japan. The United States is not a debt-free country.

Who owns the 37 trillion debt?

Who Owns All that Debt? On October 21, 2025, the nation's gross debt eclipsed $38 trillion. Of that amount, approximately 80 percent, was debt held by the public — representing cash borrowed from domestic and foreign investors.

What are the most deprived councils in the UK?

Middlesbrough, Birmingham, Hartlepool, Kingston upon Hull and Manchester are the Local Authority Districts with the highest proportions of neighbourhoods among the most deprived in England.

What is the poorest country in the world?

The very poorest of the world's poorest countries, South Sudan has been wracked by violence since its creation in 2011.

Which country has too much debt?

Japan consistently ranks among the countries with the highest national debt. In 2022, the nation's debt was estimated at almost 10 trillion U.S. dollars , while its GDP is just 4.2 trillion . The Japanese government is currently spending around half of its total tax revenue on servicing its massive debt.

Which country do we owe the most money?

China – $750 Billion Owed

For much of the 21st century, China has been the largest foreign holder of U.S. debt.

Who is richer, China or the UK?

Where the UK ranks in the 31 richest countries list

• Italy, 2025 GDP: $2.42 trillion (£1.81tn) ...
• France, 2025 GDP: $3.21 trillion (£2.4tn) ...
• UK, 2025 GDP: $3.84 trillion (£2.88tn) ...
• Germany, 2025 GDP: $4.74 trillion (£3.55tn) ...
• China, 2025 GDP: $19.23 trillion (£14.41tn) ...
• USA, 2025 GDP: $30.51 trillion (£22.86tn)

What would happen if China sold us debt?

If China embarked on a mass sale of its US treasuries, the value of the debt would plunge and yields would soar. This would drive up US government borrowing costs and hammer the public finances in a highly destabilising move. But the scenario is highly unlikely, not least because the pain for China would be huge.

Why is UK debt so high?

While most advanced economies have seen their deficits and debt increase since the pandemic, the UK stands out for running persistent large deficits and a relatively high debt stock in the face of rising interest rates, slowing growth, an ageing population, and rising geopolitical and trade tensions.

What is the 11 word phrase to stop debt collectors?

The 11-word phrase to stop most debt collector contact is "Please cease and desist all calls and contact with me immediately," which, when sent in writing, legally obligates collectors under the Fair Debt Collection Practices Act (FDCPA) to stop contacting you, except to inform you of further action like a lawsuit. While this halts calls, it doesn't erase the debt or prevent legal action, so always open subsequent mail from them.
 

Is it true that after 7 years your credit is clear in the UK?

While it's true that some entries on your credit file disappear after 6 years, it's not as simple as having your entire financial history or money you owe wiped out if you wait long enough. In fact, some debt can hang for much longer than 10 years.

Is someone paying off your debt considered income?

In general, if your debt is canceled, forgiven, or discharged for less than the amount owed, the amount of the canceled debt is taxable. If taxable, you must report the canceled debt on your tax return for the year in which the cancellation occurred.