Julie Fisher, Woking Borough Council’s Chief Executive, said: “During the Queen’s speech, the Government announced that the Levelling Up and Regeneration Bill will be brought forward to drive local growth, empowering local leaders to regenerate their areas.
"The Bill will incorporate a number of legislative developments, which includes taking a responsible approach to public finances, whilst reducing local authority debt.
“We recognise that Woking has high levels of debt which comes from borrowing for regeneration and major long-term infrastructure projects.
“As a result we are working with the Department for Levelling Up, Housing and Communities (DLUHC) to assist them in understanding our local borrowing and investment practices in advance of them establishing new measures that will support the Levelling Up and Regeneration Bill.
“We have had a positive early discussion with the DLUHC and we are currently in the process of agreeing a programme of analysis that will provide them with a comprehensive understanding of our borrowing and investment position.”