Meanwhile we have the usual bland drivel from HMG.
Much of the debt (£1.3 billion) is held by what the Grauniad refers to as an obscure arm of the Treasury - the Public Works Loan Board. The PWLB certainly isn't obscure to local government finance practitioners as it's a major source of local government capital finance and has been around for decades. The Treasury wonks who run it might like to tell the rest of us why they lent WBC such vast sums of money compared with the authority's annual budget for what essentially was a huge property speculation.A government spokesperson said: “Following serious ongoing concerns about the financial situation of Woking council, the government announced an intervention into Woking’s financial position in May and commissioners have been appointed. We will continue to work closely with the authority and will take action if necessary.”
Still, WBC holds a record of sorts - according to the Grauniad Woking's plight is thought to be the biggest financial failure in local government history.