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

Social Care Placements Programme Lead

London Borough of Richmond upon Thames and London Borough of Wandsworth
£43,434 - £52,632

Recuriter: London Borough of Richmond upon Thames and London Borough of Wandsworth

Recovery Worker Substance Misuse

Essex County Council
£30931 - £35362 per annum + + 26 Days Leave & Defined Benefit Pension
Recovery Worker Substance MisusePermanent, Full Time£30,931 to £35,362 per annumLocation
Recuriter: Essex County Council

Principal Transport Officer

Old Oak and Park Royal Development Corporation
£63,112 per annum
leading the capital’s largest new regeneration project. Brent Civic Centre (32 Engineers Way, Wembley, HA9 0FJ).
Recuriter: Old Oak and Park Royal Development Corporation

Senior Occupational Therapist

Essex County Council
£43477 - £52302 per annum + Flexible Working, Hybrid, CPD, Gov Pension
The role will be responsible for supporting adults to develop their abilities to enable them to live as independently as possible. This may include England, Essex, Harlow
Recuriter: Essex County Council

Director of Commissioning and Performance

Northumberland County Council
£100,157 - £109,081
We are looking for an individual to help us achieve excellence in adult social care in Northumberland. Northumberland County Council, Morpeth, United Kingdom
Recuriter: Northumberland County Council
Linkedin Banner

Partner Content

Circular highways is a necessity not an aspiration – and it’s within our grasp

Shell is helping power the journey towards a circular paving industry with Shell Bitumen LT R, a new product for roads that uses plastics destined for landfill as part of the additives to make the bitumen.

Support from Effective Energy Group for Local Authorities to Deliver £430m Sustainable Warmth Funded Energy Efficiency Projects

Effective Energy Group is now offering its support to the 40 Local Authorities who have received a share of the £430m to deliver their projects on the ground by surveying properties and installing measures.

Pay.UK – the next step in Bacs’ evolution

Dougie Belmore explains how one of the main interfaces between you and Bacs is about to change.