The government confirms its intention to provide Exceptional Financial Support for the 2026/27 financial year in a letter to the Leader of Woking Borough Council.

Subject to final confirmation, the government has indicated support for a capitalisation direction of up to £58.1 million, helping the council manage unsustainable debt related costs arising from its legacy of historic financial decisions.

The letter also confirms government agreement with the council’s Minimum Revenue Provision (MRP) approach for 2026/27, including support to defer £92.09 million of the MRP charge that the council would otherwise be required to make. This reflects government’s recognition that the council has no reasonable means of meeting all its current debt liabilities without assistance.

This is in addition to the wider government commitment announced in October 2025 to repay in principle £500 million of the council’s debt as the first tranche of debt repayment support.

Cllr Ann‑Marie Barker, Leader of Woking Borough Council, said: “We welcome the government’s continued support as we continue to work to stabilise the council’s finances and protect essential services for residents.

“This is another important step in our long‑term recovery, giving us the financial certainty we need to reduce the council’s debt and put Woking on a more sustainable footing.

“We remain committed to working closely with Commissioners and government as we progress our asset disposal programme, debt reduction plan and wider financial recovery work.

“This important work will ensure Woking Borough Council is in the strongest financial position possible ahead of the creation of a West Surrey unitary authority in April 2027.”

A report on the council’s proposed balanced budget for 2026/27 will be considered at a meeting of Council on Monday 2 March, where councillors will be asked to approve the budget and associated financial plans for the year ahead.

• Read government’s letter to the Leader of Woking Borough Council
• Read the financial reports ahead of Council’s meeting on Monday 2 March