Surrey councils fear taking on Woking’s £2.6bn debts

Woking Council racked up over £2.6bn in debt after making risky investments into property development projects over two decades and has now sought support from the government

The government has confirmed it will financially support Woking Council this year in managing the vast amounts of debt after report by auditors and forensic accountants at Grant Thornton described the council as ‘spending at the rate of a small city’.

One of the reasons for providing some financial support to fund debt payments is to allay serious concerns by Surrey councils and residents across the county that they will be forced to take on the debt when the government’s reorganisation of local authorities in Surrey goes ahead. This would see councils merged into two unitary councils, with councils fearing being ruined as Woking’s debt repayments outweigh the money brought in by Woking Council annually.

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