Conservative run Kent County Council labelled 'negligent'
March 27, 2009 1:00 PM
"the patience of the people of Kent is wearing thin" Cllr George Koowaree
Kent County Council has been labelled 'negligent' by spending watchdog The Audit Commission after investing millions of pounds in Icelandic banks - days after warnings that the investments might be in trouble.
KCC paid in £8.3m in early October despite being advised on September 30th that one major Icelandic banks credit rating had fallen dramatically. Days later, on October 7, the Icelandic banking system collapsed completely.
The Audit Commission singled out seven local authorities, with Kent having the second largest exposure.
Commenting on the story Ashford Liberal Democrat County Councillor George Koowaree said "the Conservative led administration has rejected the Audit Commission's criticism by stating that they (the Audit Commission) are also exposed to similar investments in Icelandic banks"
"This though ignores the wider point that the Council undertook risky investments decisions after credit rating agencies outlined the increased risk that Icelandic banks were carrying."
"With services being cut across the board and with no government protection for exposed local authorities it is unsurprising that the patience of the people of Kent is wearing thin."
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