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Peterborough Council to receive huge taxpayer bailout
Four councils are set to receive multimillion-pound Government bailouts
Updated
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Peterborough City Council is set to receive a huge Government bailout after its finances suffered during the pandemic.
Four councils get emergency bail out deal from Government
Four councils that are unable to balance their budgets will receive emergency funding from the Government.
The councils - Bexley, Eastbourne, Luton and Peterborough - have been granted the support due to their unique circumstances or residual issues .
The councils have each been awarded a Capitalisation Direction enabling them to borrow in order to fund revenue costs.
Bexley LBC has been issued a capitalisation directive for £3.87m, and will receive just over £6m in grant funding.
Teresa O Neill, council leader, said: The directive is a further tool to help us manage the financial uncertainty the pandemic has created. We will only use it if we need to.