Watchdog to investigate two former figures at bankrupt Woking council

Exclusive: Local authority in Surrey declared itself effectively bankrupt in 2023 after series of risky investments

Two former senior figures at bankrupt Woking council are to be investigated by the UK's accounting watchdog after it racked up more than 2bn in debt on a failed investment spree.

The Surrey council declared itself effectively bankrupt in 2023 after ploughing vast sums of borrowed money into skyscrapers, a luxury hotel and other risky commercial investments, in what was one of the biggest financial failures in local government history.