Thursday, 9 October 2008

Start of a new "Cod War" - Ipswich v Iceland!

Myself and my Labour councillors have today called for an urgent investigation into the circumstances surrounding Ipswich Borough Council’s £5m losses resulting from its loans to collapsed Icelandic banks.
Labour councillors want the investigation to focus on:
* Were the council’s investment procedures followed correctly?
* What impact this loss could have on council services?
* What steps have been taken to minimise future risks?

Labour finance spokesperson, Cllr Martin Cook said:
“This is a huge amount of money for the council to lose, equivalent to £125 per band D property. Ipswich council tax payers need to be reassured that procedures were followed correctly and that everything possible is being done to eliminate the potential for similar losses in future.”
So a new "Cod War" or "Cash War" - Lucky for us Herman is now at Portsmouth!

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