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The Guardian - UK
The Guardian - UK
Business
Richard Partington Economics correspondent

Woking’s towers: the high-rise symbol of local council debt

A cluster of skyscrapers viewed from below looking up into the sky, with a shopping centre sign and a gree also visible
The Victoria Square towers in central Woking are part of a £2bn debt-fuelled investment. Photograph: Sophia Evans/the Observer

A cluster of skyscrapers that look more Singapore than Surrey rises high over the centre of Woking. Called Victoria Square, the trio of towers – the biggest is 34 storeys – is unusual for a brand new landmark development in that backing for them didn’t come from a Gulf state, Chinese investors or a global asset manager. Instead, the proud owner of Britain’s tallest buildings outside of a major city is Woking borough council.

The towers are the pinnacle of a near-£2bn debt-fuelled investment programme that has split local opinion, been repeated by councils across the country, and set alarm bells ringing in national government.

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