Karen Buck

Working tirelessly for Westminster North

  • Home /
  • News / House of Commons Select Committee blasts councils like Westminster for Icelandic investments

House of Commons Select Committee blasts councils like Westminster for Icelandic investments

Following the Icelandic Bank investment fiasco stronger standards of financial oversight must be applied by local authorities like Conservative controlled Westminster City Council say a cross-party committee of MPs, in a hard-hitting report of their recent inquiry into local authority investment practices.  Launching the report, Phyllis Starkey MP, Chair of the Communities and Local Government Select Committee, said,
 
“Our inquiry has exposed a significant level of misunderstanding, misinformation and complacency– not just within local authorities, but also amongst those who provide them with specialist investment advice. These failures put taxpayers’ money at unnecessary risk. Tougher regulation of treasury management advisers and tighter scrutiny around local authority investment decision making are needed to ensure that the emphasis is on security first, while also providing sufficient liquidity and profit.”
 
The Committee took evidence from Westminster Labour Councillors David Boothroyd and Paul Dimoldenberg which was acknowledged in paragrahs 45 and 46 of the report:

 

The Labour Party will place cookies on your computer to help us make this website better. Please read this to review the updates about which cookies we use and what information we collect on our site.  To find out more about these cookies, see our privacy notice. Use of this site confirms your acceptance of these cookies.