UK local authorities loose their shirts in iceland

Discussion in 'Current Affairs, News and Analysis' started by thegimp, Oct 9, 2008.

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

    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.
  3. msr

    msr LE

  4. 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?
  5. 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.
  6. Lets just sell the chavs as slaves to forigners
  7. Other than Nottinghamshire Council, it appears at first glance that it's only the Southerners that have been affected.
  8. msr

    msr LE

    Or slash services...
  9. 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.
  10. If they have this amount of money to invest why does Council Tax go up!
  11. msr

    msr LE

    I bet no-one gets sacked over this.