It has been reported today that Rotherham Metropolitan Borough Council (RMBC) has lost £3.8M of your money by investing it in an Icelandic bank that has now gone bust in the effective bankruptcy of Iceland.
The council is engaged in furious lobbying for the government to reimburse them for the £3.8M they have lost. Some hope I suspect as the total revealed so far runs into hundreds of millions and may even exceed 0.5 billion by the time the full facts emerge. I wouldn't want to swap shoes with the minister for local government right now, one John Healey, the member for Wentworth Constituency, as the lobbying will be extreme at times because of the panic in many Town Halls today.
More when the full picture is clearer.
Total losses known to date £840M!!!!!!
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