Government begins repayment of Woking’s historic debt
The government has officially begun the process of repaying Woking Borough Council's historic debt, marking a significant milestone in the council’s financial recovery.
The first repayment was completed on 1 September 2026 with the settlement of an £8 million loan. A further £492 million of loans will be repaid by the end of March 2027.
These repayments follow government's commitment last year to provide £500 million of financial support during 2026/27 to help reduce Woking's historic debt burden and associated borrowing costs.
The support reflects the council's ongoing commitment to reducing debt and delivering value for taxpayers through its Improvement and Recovery Plan, which includes asset disposals and the unwinding of unaffordable commercial arrangements. It follows extensive collaboration between the council, commissioners and government.
Cllr Ann-Marie Barker, Leader of Woking Borough Council, said:
The start of this financial support marks a significant step towards addressing the council’s historic debt burden and reducing the costs associated with it.
While this marks important progress, we recognise that Woking’s debt is an ongoing concern for residents across Surrey, and that there is still much work to do.
Our priority remains clear. With the continued support of government, commissioners and our future partners in West Surrey, we remain focused on delivering our Improvement and Recovery Plan to enter the new unitary council in the strongest financial position possible.