Allotments 4 All

Redclanger, the BBC must have the info you need - there was a sort of list on the 10 o clock news just now. The list was scrolled down very quickly, but I haven't actually searched on the web.

http://news.bbc.co.uk/1/hi/uk_politics/7660741.stm

Here is the link and it is frightening reading.

Phew. What with savings in B&B, car insurance with Fortis it's a relief  :-\ :-\ :-\

LOCAL authorities across the UK were yesterday stunned to discover that Iceland is nothing more than a volcano surrounded by two million haddock.

As the volcano's banks refused to pay out, councils said they were convinced Iceland was a small, landlocked country next to Belgium with a long history of expert financial management.

But after 15 minutes on the internet they confirmed it was nothing more than a slab of stinking lava populated by a handful of wilfully eccentric musicians and half a dozen heavily bearded trawler captains.

Julian Cook, director of finance at the Local Government Association, said: "I meant Luxembourg - nuts!

"I suppose the haddock-shaped piece of lava with every new account was probably a clue."

Mr Cook is now demanding £1bn of taxpayers' money in compensation for losing £1bn of taxpayers' money.

He added: "When the taxpayer is exposed in this way it is only right that central government should step in with its own funds, wherever they come from."

But the Treasury has so far refused, criticising the councils for investing huge amounts of public money in badly run banks.

Once again, happy to help.  ;)

Quote from: redclanger on October 09, 2008, 18:33:36
I would be very interested to see a breakdown of the colour of the local authorities that lost money in the long term high interest Icelandic bank accounts.  I have searched the web and not been able to find such a breakdown so if anybody knows of anything, could they link me to it please.

RC, I haven't found a list but Wiltshire is blue.

We had some money to invest in June and were tempted momentarily with the Iceland banks who were offering a higher rate of interest.  We discounted them as we wanted to invest in this country and were uncertain about the stability of Icelandic banks.  If all the money invested by the local councils had been put into British banks/building societies, they may not have been in such dire straits.

Yes i too toyed with putting some money in Icesave but decided against i as I wasn't sure how secure it would be. On the other hand I've got money in HBOS and RBS so what do I know!!?? ::) ::)

Never thought I'd be glad to have no savings and no pension to speak of- at least I don't need to worry about losing them! My only investments are in bricks and mortar (not that they are looking great at the moment bu hopefully in the long term..)

Those councils where only doing as they were told. That was invest your unspent as yet money in something safe that gives the best interest. Exactly the same as me or you. You would be very annoyed if you had found out that the council had kept it under their mattress.

The money is not spare money, it is the lump allowed from government to spend on projects, some of which have still to be done. Good job this did not happen in April when the councils get their funds from government. The whole lot would have been in there.

The stock market is too much like gambling on a horse, so high interest is the best bet. No one could have seen this coming apart from the spivs who made it happen.

I have no sympathy for individuals who went to Iceland, as I believe it was tax free interest. So if you want to tax dodge, don't expect the rest of us to bale you out.

I can't answer for others, Ace, but the savings accounts I looked at were certainly not tax-free, however the interest rate they were offering was high enough to ensure that even after tax and inflation there was a small element of growth. As I say, I didn't go for it, but I can certainly understand why others would.

In the case of the councils who have expensive financial advisers, I think it was a risk too far with other people's money. If they didn't know better their advisers should have. Of course if it had come off they'd have made a tidy sum, but I think public funds have to be managed on the conservative side.

grawrc,
Fully agree there. But could anyone have foreseen this horrendous freefall in the World's economy?
Like many others, I have investments(unfortunately some shares - but I ain't panic selling).
If people/authorities/councils whatever just calm down, in time, things will adjust. O.K. it's gonna take 10 yrs. but we'll all be back on the greedy ladder once again!!!
:P :P :-[ :-X :-X

Me too Tel. Peter's lump sum from when he retired and the money my mother left us is invested in various funds on the stock exchange and has been sitting there growing to pay out an income when I retire or fund any major capital expenditure we might have in the future. I reckon it's halved in value over the last few months. :'( :'( But it's a catch 22 situation. if I take it out now what it's lost has gone forever. if I don't and the markets plummet I lose the lot. But historically the markets have fallen and then grown. On the other hand unlike the councils I don't have a bunch of IFAs - just the 1. I think there are loads of folk in that situation. The only comfort -  if it is a comfort - is that if the crash comes it will be world wide and there would need to be worldwide measures to address it. I just wish investors and savers would sit tight and give the banks a chance to react to the various initiatives governments have put in place internationally.

Hazel Blears was not the news at lunchtime. Normally I switch the radio off when The Robot comes on, so I wasn't really listening. Did she say - there'd be lots of checks on tax payers' money given to the banks, or was it there'd be lots of cheques of tax payers' money given to the banks??

Probably just me nit-picking.

Our club committee decided at the previous meeting that as we had got a large sum in the accounts we should be investing some in a higher interest account. The treasurer made enquiries and was told that we are not allowed by law to do so. Just at this point our head office suggested that we should loan any spare cash to them (it's theirs anyway if the branch ceases to exist) as they can get a better interest rate. We authorised the treasurer to loan them £3,000.

So the PM has sorted it. I will believe it when I see it. No big paydays for the bank boss's. I wonder how many will jump through the golden handshake loophole and leave their jobs, now they have taken away the trough.

Where will the government get the money?

Please sir, I know, I know!   


After all it is only a numbers game run by the mafia, (cos Virgin didn't do any cashback) They are the experts in loan sharking.

never understood why we had Her Majesty's Government, but a National Debt  ???

Quote from: Rhubarb Thrasher on October 13, 2008, 14:43:56
never understood why we had Her Majesty's Government, but a National Debt  ???

Look up fractional reserve lending, it's the way that all the banks work. Including the Bank of England.

Quote from: RobinOfTheHood on October 13, 2008, 21:16:22

Quote from: Rhubarb Thrasher on October 13, 2008, 14:43:56
never understood why we had Her Majesty's Government, but a National Debt  ???

Look up fractional reserve lending, it's the way that all the banks work. Including the Bank of England.

OK ROTH I will, so long as you promise to look up "Joke"  :D

Isn't it like windsor castle? All those years we were paying to get in. then it burns down and suddenly we discover we own it.

joke  (jk)
n.
1. Something said or done to evoke laughter or amusement, especially an amusing story with a punch line.
2. A mischievous trick; a prank.
3. An amusing or ludicrous incident or situation.
4. Informal
a. Something not to be taken seriously; a triviality: The accident was no joke.
b. An object of amusement or laughter; a laughingstock: His loud tie was the joke of the office.
v. joked, jok·ing, jokes
v.intr.
1. To tell or play jokes; jest.
2. To speak in fun; be facetious.
v.tr.
To make fun of; tease.



OK, your turn.    ;D

Quote from: RobinOfTheHood on October 15, 2008, 07:03:01
OK, your turn.    ;D

;D