Don’t play the blame game

THESE are strange times.

Whilst half of the county is following the business news from behind the sofa, the other half seems to be asking why the City Council, amongst others, weren’t keeping their money under the bed.

There are many voices being raised in this debate, but the ones to avoid are those who are all too willing to point the finger.

Of course, the news that £42 million of Nottingham City Council’s assets invested in Icelandic banks was being frozen was a huge disappointment and an even bigger fiscal burden at a time when the camel’s starting to feel the weight of the straw.

However, this is not a time to play the blame game, and those with fiscal responsibilities in high places can sleep with a clear conscience.

Large scale financial investments are always a slight gamble, but the City Council always played by the rules and were only trying to make the most of each and every tax payer’s investment – which in turn prevented further tax rises that would really bring dissenters out in force.

News is promising that the money will be returned via the failed bank’s assets and most people in the City won’t even notice a change in services or bills.

The Council must also be applauded for acting promptly in ensuring after the news broke, no further assets were invested in any other foreign institutions – it’s all Government-assured British banks from here on out.

Perhaps it is time to rest easy, at least until the next storm breaks.