Icelandic debts will affect Barnet Council tax and services (From Times Series)

Icelandic debts will affect Barnet Council tax and services

11:19am Friday 12th March 2010 in

• Skip social links
• Print
• Email
• Comments(0)

Claims by Councillor Lynne Hillan that there will be no effect on the level of council tax or services as a result of Barnet Council’s investments in failed Icelandic banks are simply not credible (‘Budget passed despite claims of trickery by opposition’, www.times-series.co.uk March 3).

Including interest, more than £30 million is at stake — everyone accepts the best possible outcome will be a £4m loss and the worst outcome is that everything could be lost.

How can this have no effect on the level of council tax or services? Think what could be done with all that money — sheltered housing wardens could be permanently saved, we could repair all the borough’s roads and pavements and still have enough left for a substantial cut in council tax.

The risky pursuit of high interest rates means all of Barnet’s residents will lose.

Councillor Alan Schneiderman, Woodhouse ward councillor and Labour spokesperson for resources