Bankrupt Thurrock council recklessly gambled hundreds of millions of pounds on risky commercial investments while covering up evidence of its losses and attempting to silence critics, a devastating official review has concluded.
The government-commissioned report published on Thursday said the Tory-run councils financial collapse in 2022 was the culmination of years of dysfunctional leadership characterised by complacency, denial, and what the review called unconscious incompetence.
Thurrock declared effective bankruptcy in December after running up a 500m deficit at the time thought to be the largest in local government history triggered when a series of financial speculations funded by a 1.5bn borrowing spree turned sour.
The review con…
Read the full article at: https://www.theguardian.com/society/2023/jun/15/thurrock-council-hid-losses-gambled-millions-risky-investments