Shadow local government minister Bob Beill MP has written today to John Healey MP calling for an end to the leaking of information about councils’ exposure in a "piecemeal" and "speculative manner". The text of the letter is published in full below.
"I’m from the Government, I’m here to to help you," was judged one of the three great lies of the 20th century. (The other two being: "The cheque’s in the post." And: "yes, darling. Of course I will still respect you in the morning.") The Government’s announcement of an "Emergency Team" to be sent into […]
While the Government and the Local Government Association have failed to provide a full list of Councils thus far identified as having deposited money in Icelandic banks The Daily Telegraph have had a pretty good stab of it this morning. Their list shows the total approaching the £1 billion figure that Eric Pickles warned of. […]
Tim Montgomerie writes: LibDem peer Lord Oakeshott has been enjoying himself in the media over the last 24 hours; decrying Tory councils like Winchester who made deposits with banks in Iceland. Lord Oakeshott should have looked in his own backyard before running in front of the Today programme’s microphone: "Councils who have put money in […]
The big local government story remains the vast sums deposited by Councils in Icelandic banks. Is it credible simply to blame the Government because Councils were following their guidelines? In 2004 John Prescott told Councils they could invest with foreign banks if they had branches in the UK. There was vague advice about "to seek […]
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 […]
That is what Eric Pickles told this morning’s Today programme. ConHome broke this story yesterday. The greatest exposure so far identified is Kent with deposits totalling £50 Million. The next most exposed seems to be the Greater London Authority due to Transport for London having a £40m deposit with Kaupthing Singer & Friedlander, which has […]
Conservative Home has become aware of a rumour that a number of small Lincolnshire local authorities each have millions of pounds in the Icelandic institutions Heritage Bank and Landsbanki, just rescued by the Russian government. These authorities all made the same choice because they mostly received the same investment advice from the same people – […]