To be fair to Bonzo, (though not sure why I should be fair), Croydon has been leading the way. Other councils have followed and I am sure some more will follow in the next few months.

Thurrock have debts of £ 1.5 billion, largely borrowed from the government and other councils. Servicing that debt is costing a lot of money, which has resulted in a deficit of £ 500 million this year.

From The Guardian this week.

https://www.theguardian.com/society/2022/dec/19/thurrock-latest-council-declare-effective-bankruptcy