Restructure of local government debt

That this House expresses deeps concern that local government net debt across UK has doubled since 2010 and is spiralling out of control; notes a funding gap of £6.4 billion forming in the day-to-day council budgets in 2024-25 in comparison to 2019-20 budgets; acknowledges that councils will be confronted with the unacceptable choice of cutting services or using already worryingly declining reserves to balance their budgets without accounting for increased energy costs and inflationary pressures; recognises that over a decade of austerity has brought unnecessary Section 114 notices, which are ineffective and myopic; notes that these political decisions and Government action has encouraged risky behaviour and borrowing; further notes that councils are now laden with debt and spending a fortune on repayments; and calls on the Government to restructure local government debt to future-proof local authorities against the need to cut jobs, pay conditions and critical public services.