Cutbacks here and Loans to the IMF

(granny)

RIP
Book Reviewer
To me this just shows the utter contempt that the politicians feel for the British people. Cut backs, job losses, the crocodile tears of the Bankers. So we can find cash in the reserves to lend out ! To my knowledge most, if not all, local councils have these contingency funds. All ready in case of a rainy day. Wish someone would tell them...IT'S PISSING IT DOWN', use the reserves that you have stolen from your constituants, we pay our rates and taxes to keep the country going, not for them to stockpile, get Britain looking clean and proud once again. (rant over!)
 

Taloolah

Banned
'Hear, hear' Granny. I think you speak for the majority.

As an escapee from local govt, I can confirm there is ALWAYS money available for the most inane projects going, depending on political will, whilst frontline services suffer cutbacks....£12k going once to an acting Corp.Dir. in order for her to front a one-day conference prior to her applying for a top job, while a local learning disability centre was crying out for a new minibus, only to be told, 'No money'.

If we have money for international donations, but not at home someone, somewhere in govt. must be profiting from these kinds of moves to make it worthwhile. Either that or the government is in such disarray,no-one knows what's really going on.

Either way, amounts to a total mockery of the Average Joe.
 
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trelawney126

War Hero
The real effrontry to the council tax payers is the amount of "reserves" that are held by local councils, as Granny stated. Cornwall Council lost some £9million in the Icelantic bank collapse, that was a small amount compared to other councils. Even worse, the Government recommend where councils should invest their "extra pennies".
 
M

mikehunt

Guest
What a pitiful shower we are, we are continually being told that the country is broke yet here we have Cameron dishing out our money to everyone except his own people and what do we do about it nothing as usual, we deserve everything we get.
 

Taloolah

Banned
What a pitiful shower we are, we are continually being told that the country is broke yet here we have Cameron dishing out our money to everyone except his own people and what do we do about it nothing as usual, we deserve everything we get.
.

Agreed but the last time govt listened in any major way was the late 80's/early 90's - poll tax riots.Since then, they've impressively managed to ignore public wishes for just about everything. Made me laugh to hear the 'surprise' in government earlier this year at an outcry about selling off our ancient forests ..... politicians simply have no idea about normal life and the rest of us too busy trying to make ends meet to have time to tell them.
 

Salty_Rupert

Midshipman
This seems to be a slight over-reaction. This money is not being lost or spent, it is simply a loan which we will make money on. In effect we are borrowing £9 billion and are loaning it to the IMF (which we can do due to AAA rating) from which we will earn interest. This money could not be used to lessen the deficit or pay for jobs as in doing so would simply increase the deficit, this £9 billion will grow and thus reduce our deficit. Win win for UK and fair play to the government.

Also Trelawny why are you surprised. Banks offer very high interest rates for a reason, mainly because most people do not want to bank with them. If your council invests a large pot of their money in a high interest bank and then it goes bust well it's part of the risk, tough. I don't see why Iceland should refund our councils' stupidity. We wouldn't do the same.
 
M

mikehunt

Guest
This seems to be a slight over-reaction. This money is not being lost or spent, it is simply a loan which we will make money on. In effect we are borrowing £9 billion and are loaning it to the IMF (which we can do due to AAA rating) from which we will earn interest. This money could not be used to lessen the deficit or pay for jobs as in doing so would simply increase the deficit, this £9 billion will grow and thus reduce our deficit. Win win for UK and fair play to the government.

Also Trelawny why are you surprised. Banks offer very high interest rates for a reason, mainly because most people do not want to bank with them. If your council invests a large pot of their money in a high interest bank and then it goes bust well it's part of the risk, tough. I don't see why Iceland should refund our councils' stupidity. We wouldn't do the same.
So what is the interest rate on the £9 million loan that we are borrowing to loan to the IMF and what is the expected percentage return on the £9 million from the IMF?
 

flymo

War Hero
And who are we borrowing the money from in the first place? Why don't the recipients cut out the middle man (aka the UK) and go straight to them?

Apols for seeming dense and fick 'ere.
 

Rumrat

War Hero
Another one of them I know but dare not tell types.
Usually because when they do disclose we all see what a load of **** all they actually know.
 

WreckerL

War Hero
Super Moderator
And who are we borrowing the money from in the first place? Why don't the recipients cut out the middle man (aka the UK) and go straight to them?

Apols for seeming dense and fick 'ere.
Your not the only one Flymo, I can't get my head round this at all but some bastards lining his pocket somewhere (or am I being unduly cynical).
 

flymo

War Hero
Your not the only one Flymo, I can't get my head round this at all but some bastards lining his pocket somewhere (or am I being unduly cynical).
When one considers how the world works (aka: someone wanting money, invariably yours\ours\mine) then I don't think that we can ever be cynical enough.
 
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