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Thursday 16th October 2008
It has been revealed that the audit commission, which is responsible for overseeing public sector spending, stands to lose a possible £10 million which was recently deposited with two Icelandic banks. The payments were made in April and July of 2007 and while at the time they adhered to government guidelines it is a little embarrassing to see the commission overseeing public finances fall into the same trap as many of the UK’s local councils. So how safe is tax payer’s money?
There are grave concerns that the government does not seem to be practicing what it preaches with regards to overseas finance. Any investment adviser will tell you that a rate on offer from a foreign bank which is way and above what the UK banks are advertising will have risks. Then when you consider the size of Iceland and the risks associated with investing in such a small financial market you do begin to wonder if tax payer’s money is in safe hands
Calls are growing for a total revamp of how public sector money is invested and for new guidelines and regulations to be put in place. The amount of the UK tax payer’s money at risk in Iceland seems to be growing almost daily. |
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