City chiefs have confirmed that city leaders are currently locked in all-day talks to produce a budget for Milton Keynes.
The summit follows Wednesday’s council meeting, where the Labour-run council failed to pass its 2015/16 budget, despite council leader Peter Marland admitting this meant taking the city “to the brink”.
Because the Labour Party does not have a majority of councillors the opposition were able to block the plans at a meeting of the full council on Wednesday evening.
Today’s talks will involve the leaders of all three major parties, plus senior council officers, and a new budget will be put forward next week.
If the groups cannot come to an agreement the Conservatives and Lib Dems are expected to abstain from voting rather than plunge the city into financial chaos.
A Milton Keynes Council spokesman said: “The different political parties of Milton Keynes Council are meeting today to further discuss the budget proposals and to prepare for the council budget meeting that will be held next Wednesday.”
Click here to read the full story behind the budget crisis.