Labour Party News
Icelandic bank bill rises by £37,000: Tories hire KPMG to tell them what went wrong
Westminster Council Tax payers will have to pay another £37,000 so that that Westminster Conservatives can hire top City accountants, KPMG, to tell them about all the mistakes that were made when the Council invested £17 million in now-failed Icelandic banks earlier this year.
KPMG have been hired by Westminster City Council to review the Council’s “investment strategy and internal control systems” and to investigate “whether any failures in internal control systems have, or continue to, expose the Council to financial loss”.
Councillor Paul Dimoldenberg, Leader of the Labour Group, said:
“The cost of Westminster Conservatives’ financial incompetence mounts every day. Over a year ago, Labour Councillors warned the Conservatives about chasing high interests and advocated a cautious approach with the Council’s investments. Those warnings were ignored and now Westminster Council Tax payers are paying a very high price.”
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