Tory Council to write off £1m of Icelandic investments?

Your Labour Councillors have been trying to assess the damage caused to the Council by the decision to invest £5 million of taxpayers money in Icelandic banks. The latest news would appear to suggest that the Council could ‘write off’ almost £1m of that investment in the coming year. Councillor Matthew Tomlinson says “Many people will find it hard to understand that a Council who had £5m invested in foreign banks could’nt afford to give the Women’s Refuge a grant of £9,000. Now to add insult to injury, it would seem that almost £1 million of that money will be lost altogether.”