How much will Westminster taxpayers lose in Iceland?
How much will Westminster taxpayers lose in Icelandic banks? As this year s council tax bills arrive, �17m which the council demanded from citizens to run council services is locked up in collapsed Icelandic banks. The Local Government Association is wor
How much will Westminster taxpayers lose in Icelandic banks?
As this year's council tax bills arrive, �17m which the council demanded from citizens to run council services is locked up in collapsed Icelandic banks. The Local Government Association is working to get the money back.
Last year Conservative council leader Colin Barrow told a council meeting to "expect that the very substantial majority of this money will be returned", and told the public the same at area forum meetings.
But recently Iceland's Business Minister said assets in the collapsed banks are not enough to repay everyone, and now the Local Government Association says it is not sure councils will be 'preferred creditors'
who are paid back first.
At two recent council meetings I have asked Colin Barrow if Westminster taxpayers will get their money back, but he will not answer. I call on him now to tell Westminster taxpayers how much of their money his investment policy has lost.
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Cllr David Boothroyd (Westbourne Ward, Labour) City Hall