Growing financial distress in regions across China is raising the risk of local governments defaulting on their bonds, as the nation presses on with its costly zero-Covid strategy. The weakening of ...

Devolution will be “default in our constitution” rather than “at the whim of a minister in Whitehall”, Angela Rayner said as she launched plans to overhaul local government. Under the reforms ...

When tax-wary residents meet a stiff rise in municipal costs, it can keep some towns in a holding pattern, even after talking it out at town meeting. That’s when a default budget kicks in, which ...