[11] In May 2023, a government review revealed that the council would have debts of £2.4 billion by 2026, 100 times the size of its annual £24 million budget, largely attributed to unsuccessful investments in two skyscrapers, one residential and one a hotel, as well as smaller deals including a £6.4 million loan to a local private school and £2m spent on acquiring pubs.

[12] The deals were financed partly with £1.3bn low interest borrowing from the Public Works Loan Board.

Risky property deals, also carried out by other local authorities such as Thurrock, Croydon, and Slough over the previous 5 years, were attempts to offset the impact of UK Government funding cuts.

"[13] On 7 June 2023, Woking Borough Council issued a Section 114 notice after forecasting a deficit of £1.2 billion for the year ending 31 March 2024 due to losses on risky investments involving hotels and skyscrapers instigated by a former Conservative administration.

Political control of the council since the 1974 reforms has been as follows:[17] The role of mayor is largely ceremonial in Woking.