Council is told to start “writing off” money invested in Iceland

The effects of having £5million invested in Icelandic banks are about to start hitting the finances of the Borough Council. Up until now, Government advice has been for Councils to assume they would get the money back at some stage. However, that advice has now changed and the Council has been told to start writing the money off in order to balance the books. Labour Councillors have been asking for months for the Tory Cabinet member to share his ideas for how this will affect Council Tax payers. As yet, we have received no answer.