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Kingston has no cash in Icelandic banks

October 9, 2008

Residents should be reassured that Kingston Council has no money currently on deposit in any Icelandic bank. This is owing to what the Surrey Comet calls ‘the adoption of a more conservative strategy’ five months ago. We can’t argue with that!

2 Comments leave one →
  1. October 11, 2008 8:39 am

    If only that were so in Somerset. Here they have lost 25 million.

    What is interesting is that it was money they had borrowed. The wretched Government has been encouraging local authorities to borrow money at low rates and invest the borrowed money at a higher rate and pocket the difference! Might be worth asking whether Kingston does this!

  2. October 12, 2008 1:30 pm

    Interesting point, Kevin, and one that bears out the extent to which this government has been busily inflating the bubble which has now burst, while claiming to have abolished the economic cycle.

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