Tuesday, 14 September 2010

Somerset County Council Cannot Afford 'Tour Of Britain' Because Of Debts

Britain's premier cycle race, the Tour of Britain, could bypass Somerset in future years as the county council has said it may not renew its sponsorship.

The county hosts two stages of the cycle race each year in a five-year contract worth £775,000.

With the council being £350m in debt, councillor Christine Lawrence said it would be difficult to find the money to support it.

Does that mean we got the money back from Iceland then, and the £25m is not longer 'bad and doubtful' in the County  balance sheet ?

South West Councils

•Cheltenham Borough Council: £11m
•Gloucester City Council: £2m
•Tewkesbury Borough Council: £1m
•Stroud District Council: £3m
•Cotswold District Council: £2m
•Gloucestershire County Council: has investments in Iceland, sum not yet confirmed
•Bristol City Council: £8m in Landsbanki
•North Somerset Council: approx £3m with Landsbanki
•Cornwall County Council: £5m in Landsbanki (from total investments of £360m)
•Dorset County Council: £28.1m in form of temporary loans to Landsbanki and Heritable
•Wiltshire County Council: £8m with Heritable
•North Wiltshire District Council: £4m (£3m with Landsbanki and £1m with Heritable)
•Exeter City Council: £5m in two banks (£3m in Landsbanki and £2m in Glitnir)
•Plymouth City Council: £13m in three institutions
•Somerset County Council: £25m in Landsbanki, Glitnir and Kaupthing
•Purbeck District Council: £2m (£1m in Glitnir and £1m with Landsbanki)
•Restormel Borough Council, Cornwall: £4m with Landsbanki

Or are we just supposed to forget about the £1Bn reckless public authorities lost in Iceland, now that ' the cuts' are here ?

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