Reorganisation frontrunner Surrey will have its 12 councils replaced by two unitaries, with £500m of Woking BC's debts written off, The MJ understands.
The bailout is a recognition the council's £1.5bn debt cannot be managed locally, but it will only go part way to filling the council's financial black hole.
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If you want to learn more about local government reorganisation (LGR), then check out the latest in our 'Need to Know' series: Local Government Reorganisation: What It Means and Why It Matters.
