This week Woking filed for effective bankruptcy after running up a deficit of £1.2bn on a series of risky property and regeneration deals.
Another one using public money for shit deals. These fuckers should be put in debtors prisons
The place perhaps best known as the inspiration for The Jam’s hit song Town Called Malice
TIL
has become the biggest financial basket case in UK local government history.
Biggest! Winning!
Christ fucking hell. Yet more money at eye watering amounts wasted. What the fuck happened to sound money management? Have these loonies forgotten it? Did they never know of it?
Central government cuts to budgets, inflation, increased adult social care costs only able to raise council tax by a few percentage points as more wouldn’t pass a referendum?
It was basically government policy for them to be ‘enterprising’ to have any hopes of covering costs with them trying to get to the point of removing central govt subsidy wherever possible.
All it then takes is a couple of projects failing or a lawsuit (ala Birmingham) that lead to unexpected expenditure and they hit effective bankruptcy.
