Local authorities have lost hundreds of millions of pounds

News about the failure of Icelandic banks that have recently collapsed has been dominating the headlines, and the government has confirmed that local authorities have invested a total of over £840 million with these Icelandic banks. This has caused outrage amongst consumers, but government officials have said that councils were not being reckless with the cash by investing it in these Icelandic banks. Read more

Tags: government, recklessness, advice, guarantee, basis, LGA, bank losses