The government has confirmed its intention to provide an initial tranche of debt relief totalling £500m in 2026/27 to support repayment of the council’s debt, subject to progress with its asset rationalisation programme.
Woking Council was put into special measures after years of financial mismanagement with a number of excessive building projects forcing the council into the equivalent of public sector bankruptcy facing debts of £1.9bn.
This support reflects the government’s commitment to achieving the best Value for Money for taxpayers, both locally and nationally.
The financial woes led to the launch of an investigation by the Financial Reporting Council (FRC) in February focusing on the work of senior former accountants at…