Hopes that city won't be 'Bermuda Triangle' of investment after finances improve

BUSINESS, education and council leaders say they want to begin shouting louder about Nottingham and its successes after a “fantastic turnaround” in the city council 's financial fortunes.

- By JOE LOCKER Local democracy reporter

Nottingham City Council's deputy leader, Councillor Ethan Radford, says the city and wider East Midlands region have been enveloped in a “strange phenomenon where we are a bit like the Bermuda Triangle” - having missed out on funding and investment opportunities for decades.

But with the city’s financial woes now beginning to improve, leaders from various sectors say it should now start to be “less reticent and a bit more confident”.

The Labour-run council's former finance director declared the authority effectively bankrupt in November 2023, and three Government-appointed officials are now overseeing improvements.

However, the council's leadership now says its latest budget for 2026/27 - which begins April 1 next year - is “clear proof we are now a financially stable council”. It is currently forecasting an underspend of £1 million, which means it will have this amount left over once all expenditure on its day-to-day services is accounted for, and should be able to set the budget without the use of any emergency support measures.