Quarkside

02/11/2010

Woking in Wonderland

Filed under: Assets,Governance,Local Government,Risk — lenand @ 5:46 pm

I could not invent this from the GetSurrey website.

“THE leader of Woking Borough Council has hit back at critics of the authority’s plan to build power stations in Milton Keynes. At a meeting last Thursday (October 21), Councillor John Kingsbury admitted however that he would “jump at the chance” to dispose of the initiative, which has already cost the council more than £17m through its subsidiaries.”

Surely Woking Council Tax payers have the democratic right to criticise.  Are they dormice? There’s more:

“In 2008, the council said the profits from Thameswey Milton Keynes would be seen in 2015, and that has now become 2020. Thameswey Central Milton Keynes Limited (TCMK) was established by the council in 2005 as a long-term investment to supply energy to homes and businesses in a developing part of the Buckinghamshire town. The first energy station was up and running in 2007 and the council has already spent £17.8m on construction costs. TCMK withdrew a £5m loan from Lombard North Central to finance the development and has also borrowed money from its parent company, Woking Borough Council. “

There’s no problem with private enterprise taking these long term gambles, but it is hard to find reasons for Woking to subsidise Milton Keynes.  It’s not even the same county.

I am afraid that Woking has a track record for Energy projects that do not serve local tax payers.  Look at the Woking Canopy Fairy Story.

Yes, Governance Matters.

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1 Comment »

  1. And now the Wokinga are even more bitter. Red Bull (MK) beat McLaren (Woking) for the Formula 1 manufacturer’s championship.

    Comment by lenand — 08/11/2010 @ 1:05 pm | Reply


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