© 2020 – 2023 AEA3 WEB | AEAƎ United Kingdom News
AEA3 WEB | AEAƎ United Kingdom News
News

Surrey council on brink of insolvency with debts of nearly £2bn

Woking says it is at risk of issuing section 114 notice, which would force central government to intervene

A local council in Surrey has signalled it is close to effective bankruptcy after amassing debts worth almost £2bn to fund a property investment spree, raising fresh questions over the fragile health of local authorities after years of austerity.

Woking borough council said it was “in the territory” of being unable to meet its financial obligations, amid a surge in debt interest costs on its investments, which include a shopping centre, residential skyscrapers and 23-storey Hilton hotel.

Continue reading…

Related posts

‘Folks, we’re in crisis’: Joe Biden introduces environmental advisers

AEA3

TV presenter and actor Annabel Giles dies aged 64

AEA3

Train cancellations in Great Britain hit highest level on record

AEA3

Pin It on Pinterest

Share This