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Council funds disappear in Iceland - 10/10/2008
It is rumoured that councils across the UK have lost millions in the latest banking crash which has plunged Iceland into economic meltdown.
The money had been set aside incurring high interest and was used by the councils to fund and improve public services.
It has now emerged that the tax payer may be made to foot the bill; one way this could be done is by increasing council tax.
If this is done, it will mean an increase of around 5-7%. This will no doubt cause extra hardship to people who are already struggling to maintain with the increased living costs.
The Bank of England has just cut interest rates in an attempt to stabilise the economy, but there is no guarantee that the banks will pass these savings onto customers straight away.
