financial year

But it didn’t offer any guidance on capital spending beyond the $35 billion tally expected in its current financial year.

The council had to use the same mechanism to borrow £33 million pounds for this financial year, or face declaring itself bankrupt.

But on Monday, an official in Uganda's ministry of finance said in a statement that the country would receive $2 billion from the World Bank, distributed over three financial years.

Borrowing over the first six months of the financial year has now reached £99.8bn, which is up £11.5bn from the same period last year.

Last week the Welsh government warned of disastrous cuts, including "mass redundancies", if it is unable to pass the budget for the next financial year.