Icelandic Collapse May Hit Services ; Economic Crisis North Councils' Investments Are at Risk

Summary

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THE North East faces cuts in public services or higher taxes after councils and Northumbria Police invested more than pounds 43m in crumbling Icelandic banks.

And councils may have to sell assets to pay for losses after it emerged pounds 23m of Northumberland County Council's money is at risk - sparking warnings that the switch to unitary authority status could be threatened.

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Icelandic Collapse May Hit Services ; Economic Crisis North Councils' Investments Are at Risk

Icelandic banks hit by global economic turmoil have also seen a pounds 4.5m investment by council chiefs in Gateshead, along with pounds 7m from Derwentside and pounds 6m fr...

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