THURROCK Council's controversial gross borrowing now stands at £1.4 billion, though the financial guru leading its investment programme has been congratulated for his non-conventional approach to generating revenue opportunities.

The figure was revealed by the authority's senior finance director at a meeting of the council's standards and audit committee this evening (Thursday, 11 March).

Mr Clark, who is the officer who has plotted the council's controversial borrowing strategy, was delivering his report to the committee.

He said that 'about £1.1 billion of that will be repayable, leading us a net debt of about £300 million.'

He added: "In terms of comparison the first time we reported this to the committee our debt is £87 million less than than June 2020. We continue to achieve around £30m surplus profit from the investment we carry out."

Mr Clark's report was brief and largely unchallenged by the three councillors present, though Conservative member Cllr Gary Collins did congratulate Mr Clark on his foresight in not investing in businesses that have been affected by Covid-19.

Mr Clark reported: "There has been no material impact from Covid on council income streams from investment" prompting Cllr Collins to say: "It was very far-sighted not to invest in conventional sources. I would like to wish you well for your foresight."