Tuesday, 3 February 2009

Let them drown...

…is the attitude of the Treasury to local authorities which had cash in Icelandic banks, reckons one councillor.

Peter Antill from Tewkesbury said: “The approach adopted so far suggests that had Treasury officials and MET Office officials been on Thailand’s beeches at the time of the Tsunami, the Treasury officials would have stood by and watched MET Office officials drown because they were informed weather professionals.”

He was giving evidence to a committee after Alistair Darling’s department refused to guarantee councils' frozen deposits because authorities were “informed investors”.

Nottingham City Council had £42m in their Icelandic accounts - let's hope they keep their head above water.

2 comments:

subrosa said...

I don't know how well this meeting has gone or how it will help the situation. Thanks for covering it.

Lobbydog said...

It was CLG Committee on Monday Jan 26, and in the end the councils said they'd like a Government guarantee for their deposits.
You'll be able to watch a vid of it on Parliament TV.
http://www.parliamentlive.tv/Main/Home.aspx
As for whether it will help, we'll have to wait to see what the committee's report says and whether the Government follows their recommendations.

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