Woking council declares bankruptcy with £1.2bn deficit
by Richard Partington Economics correspondent from on (#6C3B0)
Previous Tory leadership embarked on risky investment spree involving hotels and skyscrapers
Woking council has declared it is effectively bankrupt after admitting a risky investment spree involving hotels and skyscrapers overseen by its former Conservative administration had left it facing a deficit of 1.2bn.
The Surrey council, the most heavily indebted local authority in England, said it had issued a section 114 notice on Wednesday in response to unprecedented financial challenges" facing the town.
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