Councillors will write to the government requesting a public inquiry following Thurrock Council’s financial collapse due to its failed commercial investments.
Concerns over adherence with professional standards have prompted the Financial Reporting Council to launch an investigation into the conduct of an accountant at Thurrock Council following failed...
Soaring demand for adult and children’s care and a “fundamental structural problem” with funding have created a forecast budget gap of £100m in 2024-25 and led Somerset Council to declare a financial...
Rising borrowing costs and inflation have led Spelthorne Borough Council to consider shelving its planned housing investments and seeking out an alternative way to deliver them.
Rising interest rates and government restrictions on commercial developments have prompted Mid Devon District Council to begin winding down a housing subsidiary.
Now-defunct districts relying on short-term borrowing to finance commercial investments have left Somerset Council exposed to higher interest rates and with assets currently losing money, its finance...
A damning independent report on Thurrock Council’s investments highlights the risk of these strategies and the negative impact on services, CIPFA has warned.
Thurrock Council will need to cut services back to near the statutory minimum after “repeated failures” to manage major investment and regeneration projects led to substantial losses, a long-awaited...
A huge drop in the value of Spelthorne Borough Council’s commercial investments has been revealed in its draft statement of accounts for 2022-23, but the income they generate is “holding up well”.
Administrators have begun selling the assets of a solar investment company to which Thurrock Council lent more than £650m, in order to repay the company’s debts.
Warrington Borough Council is set to discuss its borrowing and capital investment strategies with CIPFA, in an attempt to show how its approach, previously flagged as a concern by the government, “is...
Failed commercial investments have prompted Thurrock Council to request £182m of exceptional financial support from the government to help it balance its 2023-24 budget.
The reliance on falling commercial income to fill funding gaps at Woking Borough Council has placed the authority’s finances at an “immediate risk”, according to an internal report.
Thurrock Council’s decision to issue a section 114 notice is a necessary step to ensuring exceptional government support, commissioners appointed to turn around the authority have said.
External auditors for Spelthorne Borough Council have issued a rare public interest report amid concerns the authority’s historical commercial investment breached local government regulations.
Thurrock Council’s concentrated investment strategy was a failing that resulted in a £470m budget black hole, according to the official turnaround team.
Failed investments have put Thurrock Council in a grave financial position and facing a deficit of nearly half a billion pounds this year, the commissioners sent in to sort out the authority’s...
A solar investment company of which Thurrock Council has been named as a “major creditor” has entered into administration in a move the authority has said could help to reduce its high level of debt...
Crisis-hit Thurrock Council has been given permission by the government to borrow almost £840m from the Public Works Loan Board to repay finance from other local authorities.
Local authorities have been urged by an external auditor to apply effective risk management to their subsidiary companies and other commercial activities to safeguard against financial risks.
Thurrock Council could be forced to make £2m of cuts this year despite using millions of pounds from its reserves, amid a 10% drop in investment income.
