Lost in Iceland: £1 billion from councils, charities and police

Thursday, October 9th, 2008 | • More than 100 public bodies had money in collapsed banks • Brown accuses Icelandic authorities of acting illegally Iceland has failed to guarantee British savings in its failed banks. Photograph: Nordicphotos/Alamy Perplexity “…upon the earth distress of nations, with perplexity…” Root of All Evil “For the love of money is the root of all evil…..” —1 Timothy 6:10a Gordon Brown last night branded Iceland’s failure to guarantee British savings in its failed banks as “totally unacceptable and illegal”, amid warnings that more than 100 local councils, police authorities and fire services have up to £1bn lost in its bankrupted system. Charities, including children’s hospices, warned they were at risk of losing £25m. In unusually aggressive terms, the prime minister said he was willing to use... [read full story]