Heather Jameson Paul Marinko 02 June 2023

BREAKING: Woking's 'astonishing' financial crisis risks hitting Government borrowing

BREAKING: Wokings astonishing financial crisis risks hitting Government borrowing image
Image: Number1411 / Shutterstock.com.

Calamity-struck Woking BC may need to write off up to £1bn after a series of disastrous investments – a debt so big it would impact on Government borrowing.

Days after the Government intervened at the troubled authority, The MJ has learnt there is no way to plug the unprecedented £2.4bn hole in its budget.

The authority’s assets are under review, but it is thought that ministers will have to bankroll the authority to avoid a complete ‘fire sale’ of assets at low prices.

Details of the write-off have yet to emerge, as the council and central Government wrestle with how to deal with the debts.

A source told The MJ: ‘The gap in Woking is so severe that things like exceptional financial support, capitalisation won’t be enough because they’ve got no cash.

To continue reading visit The MJ (£).

SIGN UP
For your free daily news bulletin
Highways jobs

Director of Public Health

Royal Borough of Greenwich
Up to £131,210
The Public Health department is at the heart of the council’s business. Greenwich, London (Greater)
Recuriter: Royal Borough of Greenwich

Head of Regeneration and Growth

Plymouth City Council
£68,387 - £74,411 (MFS and relocation available, pay award pending)
This is a unique opportunity to lead our award-winning development team and directly deliver hundreds of millions of pounds of projects. Plymouth, Devon
Recuriter: Plymouth City Council

Director of Adult Social Care

Wiltshire Council
£119,390 - £127,137
Join us as the Director of Adult Social Care and make a real difference to people’s lives. Wiltshire
Recuriter: Wiltshire Council

Assistant Director Planning, Performance & Engagement

East Sussex County Council
up to £97,700
With strong local communities, unspoilt countryside and vibrant coastal towns, East Sussex offers an exceptional quality of life to many. East Sussex
Recuriter: East Sussex County Council

Director of Finance & Commerce

Lancashire County Council
Up to £114,339
You will play a critical role in driving the organisation through complex change and innovation. Lancashire
Recuriter: Lancashire County Council
Linkedin Banner