ResidentsParticipation dates announced
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Help shape the new council websites: survey dates announced
Residents can help councils organise online information, with a Woking Library drop-in on 29 September.
Published
Read articleWoking Council Debt: What Happened
Woking Council: The Full Story
Public records explaining Woking’s borrowing, investment losses and governance failures, the recovery effort, and what changes for West Surrey residents in April 2027.
Key Statistics
The numbers behind the largest local government financial failure in UK history.
Total Debt
£2.16bn
Borrowing at 31 March 2025; not a current balance
Deficit at S114
£1.2 billion
Largest deficit of any UK council at the time
Victoria Square Cost
£700m+
Originally projected to cost significantly less
Thameswey Companies
13
Network of companies with interlinked finances
GolDev Facility Limit
£250m
November 2019 facility; amount drawn not established
Council Tax Increase
~3%
2026/27 Woking borough element; Band D £307.05
Debt Relief Commitment
£500m
Payments began September 2026; total paid not disclosed
Conservative-Controlled
5 of 5
Historical political control; see council profiles
Latest developments
Follow the decisions shaping West Surrey, with sources and what remains unresolved.
GovernanceProposal backed
Event:
A proposed strategic authority alongside East and West Surrey
The shadow executive backed cooperation on county-wide priorities, with government details still outstanding.
Published
Read articleResidentsNext steps agreed
Event:
New parish arrangements and a future for Woking’s mayoralty
Local representation and civic traditions are part of the transition, with practical details still to follow.
Updated
Read articleWhat Happened
Under Conservative control, Woking Borough Council borrowed over £2 billion primarily from the Public Works Loan Board. CEO Ray Morgan (1989–2021), working closely with successive Conservative leaders John Kingsbury and David Bittleston, funnelled the money into a web of council-owned companies—the Thameswey Group—and risky property investments, most notably the Victoria Square development which cost over £700 million. The council offered a facility of up to £250m to GolDev; actual advances and losses are not established here. Facility announcement. Senior officers maintained a £3 million discretionary “Opportunities Fund” with minimal oversight.
The scale of the crisis only became apparent after Morgan and other senior officers retired in 2021. The Liberal Democrats won control in May 2022 and discovered a £490 million asset write-down. By June 2023, the council issued a Section 114 notice—effectively declaring bankruptcy—with a £1.2 billion deficit. Government commissioners were sent in to take control. See the government intervention documents.
The Grant Thornton Public Interest Report (November 2024) found the council’s practices were “potentially unlawful.” The FRC announced an investigation into two unnamed former accountants in February 2025. Reporting identifies Morgan and Clarke; the regulator’s notice does not. FRC notice · Identification in reporting. The scandal’s impact now extends across Surrey, with the government confirming a two-unitary model and committing £500 million to help pay down the debt. Payments began in September 2026; the amounts paid were not specified in the ministerial answer. Repayment update.
A Pattern Across West Surrey
Woking is not an isolated case. Every West Surrey council that accumulated unsustainable debt was Conservative-controlled at the time. Spelthorne’s earlier borrowing under Cllr Ian Harvey exceeded £1bn; the council reported £715m after refinancing in November 2025. Refinancing update. Runnymede (£654m) under Cllr Nick Prescot. Surrey Heath (£170m) under Cllr Moira Gibson. Guildford (£312m) committed its largest projects under Conservative leadership. The investment decisions and subsequent scrutiny are documented in the linked council profiles.
See the full breakdown of ongoing costs →Key Events
Major milestones in the Woking Borough Council scandal.
PWLB Borrowing Begins
Woking Borough Council begins borrowing from the Public Works Loan Board to fund commercial and energy ventures. This marks the start of a strategy that would see debt grow to nearly £2 billion over the next two decades.
Thameswey Ltd Created
Ray Morgan is instrumental in the creation of Thameswey Ltd, a council-owned company that would become the parent of a network of subsidiaries. The company is set up to manage the council's commercial activities, initially focused on energy and housing.
Borrowing Exceeds £100m
Council borrowing surpasses £100 million. The pace of borrowing begins to accelerate as the council pursues larger and more ambitious commercial projects. Internal oversight does not keep pace with the scale of lending.
Borrowing Accelerates with New Subsidiaries
Multiple new Thameswey subsidiaries are created or expanded. The pace of borrowing increases sharply as the council takes on larger PWLB loans to fund an ever-growing portfolio of commercial activities.
Leigh Clarke Becomes s151 Officer
Leigh Clarke is appointed as the council's Section 151 Officer and Director of Finance, making her the statutory officer responsible for financial oversight and the lawfulness of expenditure. She inherits a council already deeply committed to its commercial borrowing strategy.
Victoria Square Concept Approved
The council approves the concept for Victoria Square, a flagship mixed-use development in Woking town centre. Envisioned as a major regeneration project including a Hilton hotel, residential apartments, and retail space, it would become the single largest financial commitment in the council's history.
Victoria Square Development Begins
Construction begins on the Victoria Square development. The project is managed through Victoria Square Woking Ltd (VSWL), a council-owned company. Costs would ultimately escalate far beyond initial projections.
Borrowing Exceeds £1 Billion
Woking Borough Council's total borrowing surpasses £1 billion, making it one of the highest-borrowing local authorities in the entire United Kingdom. For a small borough council serving approximately 100,000 residents, the scale of debt is unprecedented.
GolDev Funding Arrangements Published
Woking publishes agreements for the proposed stadium development, including a facility of up to £250m. The announcement does not establish actual drawdowns. This replaces an unsupported claim that lending began in 2016.
GolDev: £250m Facility Limit
The published facility limit is up to £250m. The previous statement that £250m had been lent by 2017 has been withdrawn; advances, repayments and losses require separate records.
Ray Morgan, Douglas Spinks, and Peter Bryant Retire
CEO Ray Morgan (32 years in post), Deputy CEO Douglas Spinks (37 years), and Monitoring Officer Peter Bryant (33 years) all retire within the same period. Their collective departure removes over 100 years of institutional knowledge and leaves the council before the full extent of the financial crisis becomes apparent.
New Management Discovers Extent of Financial Problems
Incoming senior officers begin to uncover the true scale of the council's financial exposure. The complexity of the Thameswey corporate structure and the scale of lending to companies like GolDev and VSWL become clearer under new leadership.
Liberal Democrats Win Control of the Council
The Liberal Democrats win a majority in local elections, taking control of Woking Borough Council from the Conservatives who had overseen the borrowing programme. New leader Ann-Marie Barker inherits a council on the brink of financial collapse.
£490m Asset Write-Down Discovered
A £490 million write-down of asset values is discovered and disclosed, revealing the massive gap between what the council's investments were claimed to be worth and their actual value. The Victoria Square development and Thameswey companies are at the centre of the revaluation.
Government Informed of Financial Crisis
The Department for Levelling Up, Housing and Communities is formally informed of the scale of Woking's financial crisis. The government begins assessing the need for direct intervention.
Government Sends in Commissioners
The Secretary of State for Levelling Up, Housing and Communities announces the appointment of commissioners to Woking Borough Council via a Parliamentary Written Statement. The commissioners are given broad powers to oversee the council's financial recovery. The team is led by Jim Taylor.
Section 114 Notice Issued - Council Effectively Bankrupt
The council's Section 151 officer issues a Section 114 notice, effectively declaring that the council cannot balance its budget and is bankrupt. The notice reveals a deficit of £1.2 billion, the largest of any UK council. All non-essential spending is immediately frozen.
First Commissioners' Report Published
The government-appointed commissioners publish their first report, setting out the scale of the financial problems and their initial assessment of what went wrong. The report highlights systemic governance failures and the dominance of senior officers in decision-making.
Grant Thornton Public Interest Report Published
Grant Thornton publishes its Public Interest Report into Woking Borough Council, finding that the council's practices were 'potentially unlawful.' The report identifies excessive influence by the CEO, inadequate governance of Thameswey companies, failure by the s151 officer to issue timely warnings, and a culture that discouraged challenge. The report is damning in its assessment of how the council operated for over two decades.
FRC Announces Investigation into Two Former Accountants
The FRC announces an investigation into two unnamed former Woking accountants. LDRS reports Morgan’s confirmation and attributes Clarke’s identification to The Guardian. An investigation is not a finding of misconduct.
Government Confirms Two-Unitary Model for Surrey
The government confirms that Surrey will be reorganised into two unitary authorities: East Surrey and West Surrey. Woking falls within West Surrey, meaning neighbouring councils in the western area will share responsibility for managing Woking's legacy debt. The decision follows extensive consultation and is seen as partly driven by the need to address Woking's financial crisis.
£500m Debt Relief Commitment Announced
Government commits £500m towards Woking loan repayments in 2026/27. This records a commitment, not a completed payment.
Elections for New Unitary Shadow Authorities
Elections are held for shadow authorities that will oversee the transition to the new East Surrey and West Surrey unitary councils. These shadow councils will plan for the formal launch of the new authorities in April 2027.
New Unitary Authorities Become Operational
The new East Surrey and West Surrey unitary authorities become fully operational, replacing the existing two-tier system of Surrey County Council and eleven district and borough councils. Woking Borough Council ceases to exist as a legal entity, but its legacy of debt remains a defining challenge for the new West Surrey authority.
Explore the Story
Navigate through the key areas of this investigation.
2026 Candidate Archive
The candidates who stood in the 7 May 2026 West Surrey Council election and their campaign statements on debt.
Learn more →Timeline
A chronological record of events from the first PWLB borrowing in 1999 through to the creation of new unitary authorities.
Learn more →Key People
The officers, councillors, and commissioners at the centre of the scandal and the subsequent recovery effort.
Learn more →Investments
The Thameswey companies, Victoria Square, GolDev, and other ventures funded by billions in public borrowing.
Learn more →Surrey Impact
How Woking's financial collapse reshaped local government across Surrey, leading to a two-unitary restructure.
Learn more →Ongoing Costs
The annual cost of servicing West Surrey's debt - £280m+ per year in interest and repayments, with properties that lose money every day.
Learn more →Companies House
Forensic analysis of filed accounts for every Woking-linked company - balance sheets, P&L, going concern warnings, and red flags.
Learn more →Reports & Sources
The Grant Thornton Public Interest Report, commissioners' reports, Hansard records, and other primary sources.
Learn more →