Thurrock Council which has debts of one billion pounds has been told it may borrow more public money to meet its loan repayments.
It’s expected to borrow almost £850million from the public purse and most of it will be used to repay other councils after it borrowed one billion pounds to put into money making schemes.
It comes after a three-year investigation by The Bureau of Investigative Journalism revealed Thurrock Council borrowed more than £1billion and invested hundreds of millions of pounds, particularly in solar energy.
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It also comes after the Government was so concerned about the council’s financial situation it stepped in last month to put commissioners in charge of its money.
The new borrowing plan has been uncovered by The Bureau of Investigative Journalism. It also comes after Castle Point, Maldon and Tendring district and borough councils confirmed they had lent £3m, £2m and £6m respectively to Thurrock Council, which lost control of its finances last month.
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