Bosses have denied Thurrock Council is in £1bn in debt.

Thurrock Council have hit back at claims they are in financial crisis, and not in more than £1bn worth of debt.

This comes after the Financial Times revealed last week the council was in a huge amount of debt, after a joint investigation with the Bureau of Investigative Journalism.

The council have rebuffed this claims, saying the council’s hard debt is around, rather than the reported £1.2bn.

This has been the level of debt since 2012, bosses have said.

A spokesman said: "Borrowing is short term, cash in nature, and is always repaid on time.

"The council borrows from other local authorities because they offer more competitive rates and provide better value.

"These loans also generate income for the lending authorities so the council’s approach also supports local government more generally and the UK economy.

"Scrutiny of the approved investment strategy has been integral to further decision-making – there have been over 30 meetings held to which all political group leaders have been invited since 2016."

"