UK local authorities loose their shirts in iceland

#1
Fecks sake, apparently UK local councils have bummed out after investing council cash in icelandic banks to the tune of 600million and counting!!

http://news.bbc.co.uk/2/hi/uk_news/politics/7660438.stm

We pay our taxes, they "Invest" them to generate more money, then when the shizer hits the fan we will be left with fcuk all services no doubt and will have to foot the bill twice........

I'm a bit simple but thats what it looks like
 
#2
You may be simple Gimp but you got it right.
One thing is for sure, guess who has to foot the bill for it? We fukking do, for another glorious screw up.
And guess what? Its a global problem and nobody in Whitehall is to blame for any of it.
 
#8
Oh yeah, and another stab in the dark here, but could they also make a few of the binmen, gardeners, etc redundant to also make up the deficit, or could they do both and then hopefully pay those masterminds at HQ who are probably on 60-100k a year that gambled the money in the first place, i mean you can never have too many useless council employees on 60k plus a year.
 
#9
Lets just sell the chavs as slaves to forigners
 
#12
Argee2007 said:
Now i'm going to take a wild stab in the dark here, but could they possibly raise council tax to make up this deficit?
Or slash services...
 
#13
I can understand why local councils and other public bodies may want to keep some cash reserves for contingency planning etc. What I can't understand is why such vast sums of taxpayers money (E.g. Nottingham at £42 million) is placed in bank accounts. If there's such a huge surplus then invest it in local services or give it back to taxpayers or cut the council tax bill for the next few years. It's immoral to raise monies through taxation and then just sit on vast sums of it.
 
#15
I bet no-one gets sacked over this.
 
#16
Err... WTF?!

http://news.bbc.co.uk/1/hi/scotland/north_east/7661206.stm

OK, which bright sparks thought, "Oh I know, we've been receiving warnings all year about a pending financial crisis. Let's send all our money overseas!"

£120 million ear marked for new schools was one councils bail out plan to quell the masses after months of culling existing and perfectly fit for purpose schools (plenty of parents already smashing up the outrage bus left right and centre on that one)... now all the money is gone?

What next will they be axeing... Jesus?

No... wait....

http://www.eveningexpress.co.uk/Article.aspx/798738?UserKey=
 
#17
Jacques_Bustard said:
I can understand why local councils and other public bodies may want to keep some cash reserves for contingency planning etc. What I can't understand is why such vast sums of taxpayers money (E.g. Nottingham at £42 million) is placed in bank accounts. If there's such a huge surplus then invest it in local services or give it back to taxpayers or cut the council tax bill for the next few years. It's immoral to raise monies through taxation and then just sit on vast sums of it.
Think you might be missing a point here. But that's actually part of the reason that the country is in the shite state that it is at the minute. Cause all them Labour wnakers in power plundered the countrys reserves on failed services.

I hear what you're saying about the cash, but local councils have to have an emergency slush fund for a rainy day.
 
#19
I guess that no one had 'hindsight' when they put several million pounds into one of Europes largest banking facilities.

I'm not going any further on this as the words, 'Rock and a Hard Place' spring to mind.
 
#20
msr said:
Argee2007 said:
Now i'm going to take a wild stab in the dark here, but could they possibly raise council tax to make up this deficit?
Or slash services...

You mean my bin will be emptied once a month now, and the grass will only get cut 6 times a year in the local park, how will the council fund the diversity classes and lesbian mothers outreach centres without this money :lol:
 

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