I am no financial whizz. I live on my overdraft and tend to spend every saved penny on extravagant gifts for my girlfriend but even I know that if I was going to invest my money in a foreign bank I would not want it to be in a country where 80% of the population still believe in elves. I would also want to invest it in a country that has a little more by way of collateral than a few volcanoes and a failing fishing industry.
I understand that they offered good rates of return and all the snake oil that you could buy but why are our borough and county councils keeping their money in risky offshore accounts when they could be safe and sound in Treasury backed UK accounts? It does not seem to make sense that councils, often the hotbed for corruption and mismanagement, have been allowed to choose where they put their money rather than being required to put it somewhere safe and within the oversight of the central government.
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