Surrey Heath Borough Council's Icelandic Assets FROZEN

12.00.00am GMT Sun 11th Jan 2009

How short sighted can the Conservatives get? They may have lost £4 million of your cash!

Like many other Councils, Surrey Heath had put some funds in Icelandic banks. But unlike the others, the sum deposited was equal to a quarter of its yearly income!

This is a much bigger percentage than most of the other councils. Some councils for example, Conservative controlled East Northants District Council considered Icelandic banks too risky and re-invested elsewhere.

Liberal Democrat Council Group Leader, David Whitcroft, said "Prudence is a virtue - pity Surrey Heath Conservatives don't seem to have it like some of their colleagues elsewhere!".

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Previous news story: Plan for huge increase in flights at Farnborough Airfield (Thu 1st Jan 2009).
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