Reports in The Times and the Daily Mail this morning previewing a Channel 4 News investigation into Councils facing a £50 billion shortfall in their pension funds after rash investments in shares and hedge funds – including with Bernard Madoff.

Councils which reportedly invested with Madoff include Dorset (£2 million), Hampshire (£7.1 million), Clwyd (£1.9 million) and "Merseyside" (Liverpool?) which put in £2 million. Also investing with the Avon pension fund which covers Bath and North East Somerset, North Somerset, Bristol City and South Gloucestershire.