A damning report into Woking BC’s finances has been described as making the borough look ‘like Thurrock on speed’.
Sources said that, despite Thurrock BC’s disastrous investments leading to a near £500m blackhole in its budget, the Surrey district’s collapse could be far worse.
The MJ understands Woking has struggled to meet the interest payments on its debts after borrowing for investment purposes.
A financial assurance report, carried out by the Chartered Institute of Public Finance and Accountancy, is being finalised and sent to the Department for Levelling Up, Housing and Communities.
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