External commissioners appointed as council’s debts expected to exceed 100 times its annual net income
Ministers have appointed external commissioners to in effect take control of a Surrey council with debts expected to reach £2.4bn – 100 times its annual net income – after spending heavily on commercial property.
Woking borough council, which spends £14m a year and has an annual net income of £24m, now has a total debt of £1.9bn. But it is forecast to hit nearly £2.4bn by 2024-25, a written statement from Lee Rowley, the junior levelling up minister, said.
