TORIES CALL FOR EMERGENCY COUNCIL MEETING

It emerged yesterday that Somerset could have its very own credit crunch with at least 25 million now at serious risk.n The Council has been borrowing millions of pounds and investing it in the money markets over recent years.n 25 million is currently held in doomed Icelandic banks.n

Jill Shortland, the beleaguered Leader of the Council admitted in a television interview last night that a government bail-out was her only hope of getting the money back.n If this fails, then the tax payer may be left holding the baby.

Harvey Siggs, Finance spokesman for the Conservatives, If this money is not recovered, it could mean a council tax increase of an extra 13 per cent.n That is another 125 for every hard working family in Somerset.

Ken Maddock, Leader of the Conservative group added, We have been warning the Liberal Democrats for some years now of the risks they are running.n They have been speculating with borrowed money.n But they have always insisted that the money was not at risk.n Well now we know the truth.

The Leader of the Council seems to be hiding in her office and dithering about what to do next.n She has issued no advice or information apart from her reactive television interview yesterday.n As usual she keeps everyone in the dark.n She asks the government to bail her out.n But she does not seem to realise that it is all tax payers money in the end.n I call on her to convene an emergency meeting of the Full Council at once so that she can be open and honest with us.n Then maybe we can share the burden at this difficult time and together find a way through this mess. I will be tabling a number of questions for her on the further implications of this sorry saga.