East Berkshire Green Party

Bracknell Forest Borough Council lost £5m to Icelandic banks

9 January 2010

In mid October 2008, the News discussed the loss of £5 million lent by Bracknell Forest Council to the failed Icelandic banks. The Conservative Council leader said that any loss would have no noticeable effect on residents. We now know this is not so.

BFC is reported as now being £4 million pounds in debt. There will be interest to pay on this amount and of course there is also the loss of interest from the unavailable £5 million still with bankrupt banks in Iceland. The result is raised Council Tax and fewer Council services. And our Councillors still receive large “allowances”.

It’s the same nationally. Weak regulations by Labour and Conservatives Governments have resulted in billions of pounds being used to prop up bad banks. And still the bankers pay themselves huge salaries and bonuses.

Why do ordinary people have to suffer so?

Do any politicians care that the recession has resulted in more youth unemeployment, raised taxes and poorer services?

David Young

The Green Party General Election candidate for Bracknell

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