It Ain’t Woking…

[Gromit]

// 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.

A section 114 notice is effectively an admission that a council does not have the resources to meet current expenditure. //

Oh burgher!

[youngmafbog]

Any link?

[Gromit]

Sorry it’s the Guardian.
It might be on GBNewsin a day or two.

https://www.theguardian.com/politics/2023/jun/07/woking-council-declares-bankruptcy-with-12bn-deficit

[youngmafbog]

No good to me, I dont watch GBNews. do you?

I do read the Guardian though so thanks.

[Gromit]

No one does (except Khandtro and he is paying his taxes in the EU) :-)

[youngmafbog]

OK, so I am still not sure of your point.

For me this is unacceptable, councils should not be permitted to risk council funds like this. They need somehow ringfencing.

Of course you are posting a Conservative Council here but Croydon under labour did the same.

If we are to get change we need to stop the politiking and force change.

[webbo3]

Labour
https://www.telegraph.co.uk/news/2022/05/26/bankrupt-labour-run-council-spent-38000-dying-plants-staff-wellbeing/

Labour
https://www.thesun.co.uk/news/22500728/croydon-labour-council-cctv-blunder/

Labour.
https://www.bbc.co.uk/news/uk-england-london-63714274

[youngmafbog]

Does GBNews get tax payers money then? I didnt know that, if true it is disgraceful.

[Old_Geezer]

From the Metro 2021, no idea if things have changed since. And of course folk watch it, it does a better jobs of covering issues than many other news sources.

"Who is funding GB News?
GB News has secured £60m in funding in order to make it to the airwaves.

Of this, £20m came from the American media company Discovery (the people behind such channels as Discovery Channel, Science Channel, TLC, Food Network and Animal Planet).

The remaining money came from two other sources; British hedge fund manager Paul Marshall, and Legatum, a private investment firm which is based in Dubai."

[douglas9401]

What a pizza nonsense

[William51]

I do not understand how the council officers did not foresee the risks of its dodgy investments. Will they lose their jobs?.