West End Extra - LETTERS TO THE EDITOR Published: 31 October 2008
Cost of the £17m loss
• CONTRARY to the complacent and incompetent response of the Conservatives to the council’s £17million loss caused by investing council tax payers’ money in now-failed Icelandic banks, this monumental financial blunder will directly hit every single resident.
In simple terms, the £17million loss means that the Conservative decision to chase higher interest rates by investing in Iceland represents a loss of £75 for every single Westminster resident.
In terms of services, the £17million that the Conservatives have poured down the drain could have paid for;
four new primary schools; 350 teachers; 500 home helps for the elderly; five new libraries; 200 new family homes; 400 new police; or any combination of the above
The Conservatives have failed Westminster residents. They have lost £17million of our money, but you can bet that we will all be picking up the bill. CLLR PAUL DIMOLDENBERG
Leader of the Labour Group
Westminster City Council, SW1
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