Ministers step in at Woking council as debts forecast to reach £2.4bn
by Peter Walker Deputy political editor from World news | The Guardian on (#6BX6H)
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.
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