It seems that at least the Sun HAS been asking questions! This is what 'THE SUN SAYS ---' today!
" (- - - - - - - ) And talking of cowboys, who was responsible for councils hurling their cash at Iceland in the first place?
It turns out that idiotic John Prescott issued the instructions to councils to seek the best interest rate regardless of where they were sticking taxpayers’ money.
If the Iceland cash is lost for good, many councils may have to raise tax and cut services.
What a nightmare on top of all the other gloom."
Your council and Icelandic banking?
In this fury over councils depositing their funds in Icelandic banks, nobody has raised an eyebrow or asked a question about how it happened that a vast swathe of our local government have behaved like lemmings and dumped their reserves that the merest newcomer to economics could have spotted was a dodgy dumping ground.
It was obvious that a country of 300,000 people couldn’t possibly support indefinitely such a massive structure of banks. Didn’t any of them ask what their ratio of loans out to deposits inwards was? Was the government nudging them that way?
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Where I live in Ealing and there and in the adjoining newly Tory boroughs they did NOT put their money in such a silly place!
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CONSERVATIVE HOME Blog 9.10.08 That list in full?
The BBC's website are running a list entitled "In Full: Councils facing losses." Very much doubt it is the full list I'm afraid. Some Councils are probably lying low like Brer Fox and stonewalling the media. Some Councils that haven't invested their money in Icelandic banks are putting a statement on their websites to make this clear. The good news is that Ealing hasn't put any money that way. Nor has Wandsworth. Nor has Hammersmioth and Fulham. (Thank you for asking.)
But for what it is worth this is the BBC's list of Councils which have admitted to having deposits in the collapsed Icelandic bank Landsbanki or its UK arm Heritable, or in other threatened Icelandic institutions. If your Council hasn't got a denial on their website yet then it may well be one to add. • Kent County Council - £50 million • Nottingham City Council - £42 million • Norfolk County Council - £32.5 million • Dorset County Council - £28.1 million • Hertfordshire - £28 million • Barnet Council- £27 million • Somerset County Council - £25 million • Northumberland County Council - £23 million • Surrey County Council - £20 million • Hillingdon Council - £20 million • Neath Port Talbot Council - £20 million • Westminster Council - £17 million • Brent - £15 million • Caerphilly County Council - £15 million. • North Ayrshire - £15 million • Plymouth City Council £13 million • Havering Council - £12.5 million • South Hams - £12.5 million • West Sussex - £12.9 million • Breckland Council - £12 million • Gloucestershire County Council - £12 million • Cheltenham Borough Council - £11 million • Lancashire County Council - £10 million • Scottish Borders Council - £10m • Cambridge City Council - £9 million • Wakefield - £9 million • West Oxfordshire District Council - £9 million • Wyre Forest District Council - £9 million • Cheshire County Council - £8.5 million • Bassetlaw District Council - £8 million • Bristol City Council - £8 million • Daventry District Council - £8 million • Wiltshire County Council - £8 million • South Lanarkshire Council - £7.5 million • Derwentside District Council - £7 million • North East Lincolnshire Council - £7 million • West Lindsey District Council - £7 million • Cherwell District Council - £6.5 million • Redcar and Cleveland Council - £6 million • Lancaster City Council - £6 million • Canterbury City Council - £6 million • Ceredigion - £5.5 million • North Lincolnshire Council - £ 5.5 million • Sutton Council - £5.5 million • Bracknell Forest - £5 million • Bromley Borough Council - £5 million • Buckinghamshire County Council - £5 million • Stoke-on-Trent Council - £5 million • Braintree District - £5 million • Cornwall County Council - £5 million • Exeter City Council - £5 million • Ipswich Borough Council - £5 million • Oxfordshire County Council - £5 million • South Ayrshire - £5 million • South Ribble - £5 million • Wokingham Borough Council - £5 million • Gateshead Council - £4.5 million • Oxford City Council - £4.5 million • Colchester Borough Council - £4 million • East Lindsey District Council - £4 million • East Staffordshire Borough Council - £4 million • North Wiltshire District Council - £4 million • Powys Council £4 million • Restormel Borough Council - £4 million • Rotherham Council - £3.8 million • Flintshire Council - £3.7 million • Aylesbury District Council - £3 million • East Ayrshire - £3 million • North Somerset - £3 million • Doncaster Council - £3 million • Nuneaton and Bedworth - £3 million • Peterborough City Council - £3 million • Rhondda Cynon Taff Council - £3 million • Solihull Council - £3 million • Stroud - £3 million • Slough Council - £2.5 million • South Oxfordshire District Council - £2.5 million • Wycombe District Council - £2.5 million • Cotswold District Council - £2 million • Gloucester City Council - £2 million • Great Yarmouth - £2 million • Moray Council - £2 million • Newark and Sherwood District Council - £2 million • South Ham District Council - £1.25 million • Monmouthshire Council - £1.2 million • Mid-Devon - £1.1 million • Charnwood Borough Council - £1 million • Dover District Council - £1 million • Bridgend Council - £1 million • Bridgenorth - £1 million • Hertsmere Borough Council - £1 million • Kirklees Council - £1 million • Perth and Kinross Council - £1 million • Tewkesbury Council - £1 million • Vale of White Horse District Council - £1 million • Winchester - £1 million • Sevenoaks District Council - £1 million • Tonbridge and Malling Borough Council - £1 million • Lewes District Council - £1 million • Burnley Council - TBC • Chorley Council - TBC • Wychavon District Council - TBC Other affected bodies • Transport For London - £40 million • Metropolitan Police - £30 million • Dorset Police Authority - £7 million • Sussex Police Authority - £6.8 million • West Yorkshire Police Authority - £6 million • Northumbria Police Authority - £3.5 million • Hertfordshire Police Authority - £3 million • Gwent Police Authority - £1
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