Britain has been obliged to lend Iceland £100m to help it unthaw its banking system which, in the circumstances, is an appropriate step. However, local authorities continue to demand help from the Government and are threatening not to hand their business rates over.
Let's consider some simple facts:
1. I wouldn't have put my money anywhere near Iceland. All one had to do to learn about the problems was to read the Financial Times which is available in any newsagent.
2. If you don't believe the pink 'un, then read what the IMF said in July, especially the second paragraph: Iceland
3. Brighton and Hove Council saw the amber light and pulled their money out.
4. Local authorities are trying to blame their professional advisers. Perhaps they have a case against them?
The taxpayer is being asked to bail out local authorities who made bad decisions. Someone should be held to account.
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