News from Ipswich Labour

Labour calls for investigation into Ipswich Council’s £5m Icelandic bank losses

Labour councillors have today called for an urgent investigation into the circumstances surrounding Ipswich Borough Council’s £5m losses resulting from its loans to collapsed Icelandic banks.

Labour councillors want the investigation to focus on:

* Were the council’s investment procedures followed correctly?

* What impact this loss could have on council services?

* What steps have been taken to minimise future risks?

Labour finance spokesperson, Cllr Martin Cook said:

“This is a huge amount of money for the council to lose, equivalent to £125 per band D property. Ipswich council tax payers need to be reassured that procedures were followed correctly and that everything possible is being done to eliminate the potential for similar losses in future.”

Other news from Ipswich Labour

• Labour challenges Ipswich public toilet closures - 8 September 2010
• Ipswich's Murray Road Rec hit by Tory playground cuts - 21 August 2010
• Labour's Ipswich councillors concerned about classroom cuts - 26 June 2010