Surrey Councillors & Candidates
The councillors, MPs, and candidates shaping West Surrey's response to Woking's financial collapse — and their positions on the debt crisis heading into the May 2026 elections.
The Debt Problem
West Surrey will inherit the majority of Surrey's council debt — approximately £4.5 billion of the county's £5 billion total. Every single borough council being merged into West Surrey carries significant debt, from Woking's catastrophic £2.16 billion to Spelthorne's £1.1 billion, Runnymede's £654 million, Guildford's £300 million, and Surrey Heath's £170 million. On top of this, Surrey County Council's own £1.07 billion debt will be split between the two new authorities.
Every West Surrey council that accumulated unsustainable debt was Conservative-controlled at the time the borrowing took place. In no case has the responsible Conservative leadership fully accepted accountability.
The government has committed £500 million to help cover Woking's debt, but Surrey's Lib Dem MPs have warned the new authority “could be bankrupt from day one.” The 7 May 2026 election will fill 90 seats across 45 wards — down from 287 councillors pre-reorganisation. Over 450 candidates have been officially nominated.
West Surrey Debt Breakdown
The new West Surrey authority will inherit debt from all six merging borough councils plus a share of Surrey County Council's borrowing. Only Waverley is in a relatively healthy financial position. Three councils — Woking, Spelthorne, and Runnymede — have faced government intervention over their debt levels.
| Council | Total Debt | Per Resident | Status |
|---|---|---|---|
| Woking Borough Council | £2.16bn | £20,601 | S114 — Bankrupt |
| Spelthorne Borough Council | £1.1bn | £10,252 | Commissioners expected |
| Surrey County Council | £1.07bn | £874 | Split East/West |
| Runnymede Borough Council | £654m | — | Govt best value notice |
| Guildford Borough Council | £300m | — | Stabilised after S114 risk |
| Surrey Heath Borough Council | £170m | — | Facing bankruptcy in 2–4 yrs |
| Waverley Borough Council | £140m | £1,062 | Declining — stable |
Spelthorne — £1.1bn
Between 2016 and 2018, Spelthorne bought 8 commercial properties for approximately £1.08 billion. The portfolio is now valued at just £552 million — a loss of nearly half. A Bureau of Investigative Journalism report described the investments as a “gamble” on the property market. Government commissioners are expected to be appointed, mirroring the intervention at Woking.
Runnymede — £654m
Runnymede's debt is 71 times its core spending power — £460m in investment projects, £100m for housing, and £94m for regeneration. The government issued a Best Value Notice warning. The council has since repaid £19m early, saving £1m per year, and the notice was not renewed.
Guildford — £300m
Guildford nearly issued a Section 114 notice in 2023 due to the strain of rising interest costs on its £300m debt, largely from major projects including Ash Road Bridge and Weyside Urban Village. The council has since stabilised its finances and balanced its books for 2025–26, with reserves back to £17.7m.
Surrey Heath — £170m
In 2016 Surrey Heath bought The Square shopping centre and House of Fraser in Camberley for £113 million. The sites are now worth just £33 million — a 71% loss. With £80m in variable-rate loans exposed to interest rate rises, the council faces effective bankruptcy within 2–4 years without reorganisation.
Surrey County Council — £1.07bn
Surrey CC's borrowing jumped 48% in a single year, from £727m to £1.07bn, driven by rising demand for social care, children's services, and roads while central government funding fell. This debt will be split between East and West Surrey.
Waverley — £140m
The only West Surrey council in a relatively healthy position. Debt is declining (down 6.3% year-on-year), primarily relates to housing stock, and the council has been actively repaying PWLB loans. At £1,062 per resident, Waverley's debt is a fraction of its neighbours'.
The Ongoing Cost of Woking's Debt
Woking's debt is not a static number — it costs money every day to service. The council's annual interest and debt repayment bill is approximately £155.8 million, nearly eight times its £23.6 million operational budget. Because the council cannot afford these payments, the government has been deferring them: by March 2025, the backlog of deferred interest alone had reached £406.5 million, with a further £96.5 million expected to be deferred in 2025/26, pushing the total to an estimated £595 million by the end of 2026/27. Each year of deferral adds to the total debt.
Annual Debt Servicing
£155.8m
The amount required annually to cover interest and minimum debt repayment — nearly 8x the council's £23.6m operating budget. This cannot be met from council income, so the government provides exceptional financial support each year.
Deferred Interest Backlog
£406.5m
Unpaid interest rolled up as of March 2025. Because Woking can't afford to pay, the government allows it to defer interest payments — but the debt keeps growing. Projected to reach £595m by March 2027.
Exceptional Government Support (2025/26)
£171m
The emergency government bailout for a single year, enabling the council to defer debt repayment and treat unaffordable interest payments as capital. A further £150m is expected for 2026/27.
Victoria Square & Hilton Hotel: Costs vs Revenue
The council borrowed approximately £745 million for the Victoria Square development, which includes the 189-room Hilton hotel (opened October 2024), 429 residential apartments, and retail space. The completed development is valued at just £199–350 million — meaning the council is underwater by at least £350 million on this single project.
The combined annual interest owed to the council from Victoria Square Woking Limited and the Thameswey group is approximately £46 million per year — but the rental income from the Hilton hotel, residential lettings, and commercial tenants is insufficient to cover the financing and holding costs. The council's own investment strategy acknowledges that while assets “contribute rental income to the Council's budget, this is currently insufficient to service financing and holding costs.”
Void properties add further costs: when units sit empty, the council as landlord must cover service charges and business rates itself. The council is not projected to break even on Victoria Square until 2062 — 11 years later than originally forecast. Meanwhile, the Hilton hotel is managed by Legacy Hotels & Resorts on an asset-managed basis, with specific lease terms and rent payments to the council not publicly disclosed.
For a full breakdown of ongoing costs across all West Surrey councils, see the Ongoing Costs page.
Surrey MPs on Woking’s Debt
The Conservative Record
Woking's debt crisis was created under Conservative control. The vast majority of borrowing took place between 2016 and 2019, with debt spiralling from £400m to £1.8 billion under successive Conservative leaders working closely with former CEO Ray Morgan. A Grant Thornton investigation found the scale of borrowing may have been “so off-the-chart imprudent as to be unlawful.”
The electoral consequences were dramatic: Conservatives lost control of Woking to the Lib Dems in 2022, were reduced to four seats in 2023, and were completely wiped out in 2024 — making Woking the first council in Surrey without a single Conservative councillor. No Conservative councillors have publicly defended the borrowing decisions that led to the crisis.
Surrey Heath Borough Council, also Conservative-controlled, faces its own financial difficulties after buying The Square shopping centre in Camberley for £109m in 2016 — now valued at approximately £30m. Runnymede, also in West Surrey, carries £600m in debt and has been warned by government over its financial situation.
Key Councillors Working on Resolution
West Surrey Candidates →
All 451 officially nominated candidates for the 7 May 2026 election, across 45 wards — and what they have said about the £4.5 billion debt.
View all candidates