An east London borough has warned it is hurtling towards bankruptcy over spiralling homelessness and private rental costs.Newham town hall is facing “considerable financial pressures” because of its temporary accommodation bill for homeless families and without support it “could face an unprecedented budget gap of £175 million” by 2026.The council is forecasting a £40million overspend in this financial year, on top of the £22 million in 2023, because of the rising costs of rents.