It has emerged that Nottingham City Council had £42 million invested in the Icelandic banks which last week collapsed as a result of the "credit crunch," putting this money at risk. While Nottingham was not the only council to invested in these banks, Nottingham's investments are notable when the city's population is taken into account. One commentator estimated that "the possible loss in Nottingham could be £150.69 for every woman, man and child in the city." (By comparison, the per capita figure in Kent which had around £50 million invested, is £35.85.)
There are concerns that the city council may respond to the loss through job cuts, cutting services and/or increasing council tax. Nottingham and Mansfield Trades Council organised a demo in Market Square on Monday 13th October, demanding that Gordon Brown bail the council out, rather than leaving city residents to pay the cost of their rulers' poor investments.
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Council workers have already been feeling the effects of the poor state of the economy. Earlier this year they went on strike against a pay offer from their employers which was substantially below inflation (which has only risen since). City residents will also be concerned about the threat of a council tax rise at a time when money is becoming increasingly tight.
Why selfish bailout?
17.10.2008 19:09
John
Government should support taxpayers, not bankers,who'll loan our£to us with$ %
19.10.2008 18:00
Meanwhile ex Fed reserve chief Alan Greenspans mates who encouraged the risks loan sharking like Chase Morgan are reaping billions.
Its no coincidence Mandelson is back in the cabinet, he is one of the corporate bankers BilderballG8ers chief agents in europe. They are playing with us to maintain power& deal with what they call the"crisis of democracy".
Mr Brown should keep as much control in more democratic hands as possible to maintain democracy many in labour want to regional & universal democracy, lets not fall for this artificial unecessary crisis.
Heres to cooperative economy, not a capitalist or command economy
Green syndicalist
Trades Council Demo
21.10.2008 14:10
Ross