Most profitable council revealed

1 Apr 2016
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United Kingdom

Ministers step in at Woking council as debts forecast to reach £2.4bn​

External commissioners appointed as council’s debts expected to exceed 100 times its annual net income

A tiny council in England’s affluent home counties that invested nearly £2bn in risky property deals involving hotels and residential skyscrapers has been put into special measures by ministers amid fears of financial collapse.

The council will have debts of £2.4bn by 2026, the review revealed, 100 times the size of its annual £24m budget, and making it England’s most indebted council relative to its size with a notional debt of £19,000 a head for each of its residents.

The Liberal Democrats took control of Woking council in May 2022, after 14 years of Conservative control. The bulk of the commercial investments considered by the review were made between 2016 and 2019.
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I took it for what it was: a sarcastic thread title.

The profits were only for the people who sold the commercial investments to the council.
Its not isolated.. Croydon went bust under Labour control. There have been others. The problem is the quality of those put in power. Not just the Councillors who can best be considered as board members, but the local government leadership teams. The CEO etc. It's not the part-time politicians that come up with these schemes. There is a whole process of building the business case.

There will be at least a 200m temporary write down due to property value blip.
I see the idiots on here are now using click bait thread titles, Pathetic.
He does it all the time. He professes to be a lover, not a hater, of the UK. I once asked him for a link for any genuine good news UK threads he had started. I'm still waiting. It's obvious that he is a hater of the UK. Yep. Pathetic.
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