I found out this morning when I was phoned by the Evening Chronicle on the way to work that Gateshead Council is exposed to the tune of £4.5 million in the Icelandic banking meltdown. The cash is with the Heritage Bank which is now in administration. From what I hear within local government sources reasonably close to the centre of things, the government is not guaranteeing the local government cash. Councils always were an easy target for central governments.
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