Icy times for South Ribble council

News was announced this week that several UK councils have invested their precious pennies into failed Icelandic banks, which have recently squandered under worldwide credit crunch. South Ribble Council was among them, having invested 5 million pounds in an overseas bank, leaving many Preston people angry and annoyed that Government money is being put about so readily without any (prior) cause for concern.
Many people have written letters expressing their views on the matter, including Mr G T Carr of Penwortham who wrote, “I attended the local council meetings in Penwortham from their inception, and some years ago it was revealed that South Ribble council had also invested taxpayers money on the Stock Market.
The BBC’s website also reported this week that, “fears are growing this week that council workers will not be paid this month, as council’s have payrolls tied up in Icelandic banks.
( http://news.bbc.co.uk/1/hi/business/7665683.stm)
It is clear to see that Lancashire residents are none the wiser to where their tax money is really ending up, and even those working for local council’s will be affected by the blunder. The question now stands as to whether local council’s should be given the right to invest taxpayer’s money into foreign banks (which then end up bust), or into something as unpredictable as the Stock Market?