Kent County Council has lost £50 million in investments made in Icelandic financial institutions. £16 million has come from the staff pension fund, £8 million was in school reserves and £2 million was Kent Fire Authority money. The rest of the money was made up of council tax and government grants.

Kent Tories are saying that they were following Treasury rules and they will try to get the cash back. However it has not escaped people’s attention that not every Council made the mistake of investing in Icelandic banks and at £50 million the County Council has the biggest loss in the Country.