Birmingham was once a powerhouse industrial city but now the UK's second city is a shell of its former self as rubbish lines the streets, the lights stay out and children grow up below the poverty line.
I don’t know how valid this is, but I heard county and district councils use government bonds to secure more favourable loan terms. When Liz Truss upset the UK bond market the cost of borrowing rose as the value of their bond assets dropped. The county council where I live is now spending as much on servicing debt as it is on fixing roads. (Roads, although not the most important responsibility of local government, are a visible indicator of their capability.)
I don’t know how valid this is, but I heard county and district councils use government bonds to secure more favourable loan terms. When Liz Truss upset the UK bond market the cost of borrowing rose as the value of their bond assets dropped. The county council where I live is now spending as much on servicing debt as it is on fixing roads. (Roads, although not the most important responsibility of local government, are a visible indicator of their capability.)