It is nearly a decade since the-then chief executive of the Audit Commission, Steve Bundred, warned us all of the public sector financial ‘Armageddon’ to come.

Since then, councils have pressed on with their duties, dealing with dwindling resources and rising demand through a combination of cuts, creativity and innovation. While town halls have had varying degrees of success, they have all managed to stay afloat – until now.

Last Friday, the landscape changed. Despite valiant efforts from dedicated public servants across the country, the first Section 114 notice in almost 20 years was slapped on Northamptonshire CC – consolidating its cash crisis into an official failure.