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London borough of Croydon declares bankruptcy predicting £66m overspend

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London's Croydon Council has effectively declared itself bankrupt, imposing emergency spending restrictions.

Chris Philp, MP for Croydon South, blamed the Labour-run council: He tweeted: "Croydon Council has just issued a s114 notice - i.e. they are bust. They are the only London Borough in this position. Labour has bankrupt Croydon through poor financial control, running up £1.5 billion in debt and engaging in disastrous commercial property speculation."

File footage shows Croydon at night, captured on a drone camera.

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