Thurrock Council’s Conservative Council has crashed losing £275m of taxpayer’s money and has a funding gap of £470m. Playing fast and loose with taxpayer’s money, the Council had made a number of risky investments that have brought the Essex authority crashing down and now a section 114 notice has been issued.
What Happens when a S114 Notice is Issued?
It means that no new expenditure is permitted, with the exception of that funding
statutory services, including safeguarding vulnerable people, however existing
commitments and contracts will continue to be honoured.
Several authorities have loaned significant amounts of money to Thurrock Council, Brentwood Borough Council (Rochford’s partner) having loaned £2m. Rochford District Council, we have been told, hasn’t made any loans to Thurrock Council.