New Farnborough web

Found this and added to my Farnborough Links ...

http://www.thebestof.co.uk/farnborough

Rushmoor's Finance Director's letter to Councillors

Council Investments

I have been closely monitoring with the finance team the recent turbulence on the London and international money markets.

The Council agrees a Treasury Management Policy in February each year, which prescribes the institutions, credit ratings and limits on lending that govern our investment of the Council’s investments of £40-50m. This policy is being followed strictly.

Over recent months, the application of the Treasury Management Policy was tightened in the light of the higher risks in the money markets. This was done by using only those institutions that had a credit rating better than that prescribed in the policy.

This week I agreed a further tightening of our operational arrangements:

* A cessation on forward deals – these are agreements to lend an amount at a future date for a prescribed period of time.
* No further long term lending to be undertaken i.e. lending over 1 year.
* Limits on the arrangements for short term lending.

These are all aimed at reducing the risks the Council faces on its investments.

Our advisors, Butlers have told us that there may be some risk associated with the Council’s investment with Glitnir bank, based in Iceland.

The Council currently has £2m invested with Glitnir and it is not possible to assess the implications for this investment at present. As a term depositor, we will be relatively high up the order of creditors if the bank is liquidated and assets realised.

Members may have seen that the LGA is pressing Government to safeguard these investments by local authorities.

I am continuing, with the finance team, to monitor the position and should there be any further significant developments, I will let you know.

Bankers a few billion - soldiers in Iraq/ Afganistan £19K pa

Am I the only one that is sickened by the pay off politicians are queing up to make to over paid, arogant, stuck up, remote city bankers, many of whom are earning an annual bonus worth over a million, and recieving huge pay offs inspite of poor performance. Funny how all this money has been found so quickly. The way some of these banks have behaved is nothing short of reckless and yet many politicians are falling over themselves to get them out of trouble. I say we should not let them off so easy. I want to see the bankers pay. I don't want blood - I want money. They need their pockets hit - and they are very deep pockets - and bankers have very short arms. I resent the fact that I along with every other UK tax payer will be contributing about £2000 to help bankers stay accustomed to the trough they have had their greedy snouts in for so long.

What a contrast to our troops paid about £19,000 per annum out in the desert regularly getting killed because of poor gear and poorly armoured land rovers regularly being blown apart by IED's (improvised explosive devices). We have only just heard that money has been found to build and supply new armoured vehicles . There have been a heap of dead British soldiers accumulate while the brave kept patroling, and the cowards in Whitehall prevaricated and delayed in giving the front line what they needed.

I say we do a job swap for 12 months ... Troops in the City - Bankers in Afganistan

In fact an even better idea - donate their bonuses to the injured servicemen - they can do it easily via "Help for Heroes"

Military Hospital petition

Following our response to the e-petition

"We the undersigned petition the Prime Minister to create a dedicated Military & Veterans Hospital within the UK" on 24 September 2008, we received feedback from some signatories on the issue of hospital security.

We can assure you that the security of our personnel admitted as in-patients is of the highest priority and remains under constant review.

Each NHS Trust has overall security responsibility for the safety of all its patients. The main trauma ward at Selly Oak hospital has a swipe card door lock system, and we have good liaison arrangements in place between the Royal Centre for Defence Medicine, the hospital, Special Branch and the local police. Similar liaison takes place at the other hospitals hosting Ministry of Defence Hospital Units, and any MOD concerns will be discussed with the appropriate Trust security department.

Prime Minister's Office

Petition information - http://petitions.pm.gov.uk/Wounded/

New Consumer protection?

A new system that will better protect consumers comes into effect this week: From 1 October:

* Consumer Focus will be formed through the merger of the National Consumer Council, energywatch and Postwatch. The new body will be a more powerful consumer champion, with much stronger powers than its predecessors - including the ability to demand information from companies.
* Energy and post companies will have to take greater responsibility for resolving customers' complaints. The regulators, Ofgem and Postcomm, may now fine companies who fail to meet tough new standards. They will also announce how well companies are handling complaints - giving those that perform the best a competitive advantage
* If companies and consumers can't reach agreement on a valid complaint then new independent redress schemes will step in. These schemes will be free for consumers, but companies will have to pay for every case that reaches this stage. Unlike energywatch and postwatch, the redress schemes have the legal power to enforce resolution and award compensation for consumers.
* Consumer Direct, the Government funded advice service, will now give consumers information and practical advice on energy and postal issues. It can be contacted on 08454 04 05 06 or by visiting http://www.consumerdirect.gov.uk

Business Secretary John Hutton said:
"These changes will help consumers get a better deal.
"One single body, rather than three, means a stronger voice holding business and Government to account. It means a more joined up approach to tackling problems.
"Energy and post companies will have to take greater responsibility for handling complaints or face significant fines. And where complaints can't be resolved voluntarily, new redress schemes give the system teeth."

Ed Mayo, Chief Executive of Consumer Focus, said:
"There could not be a more appropriate time to launch a new, more powerful consumer champion and to improve complaints handling. Current economic conditions are tough and consumers are telling us that value for money is their number one concern.
"The creation of Consumer Focus, a new kind of campaigner, is a once-in-a-generation opportunity to put consumers at the heart of business and government decision-making. We will campaign for a fair deal for consumers, because if consumers are confident then everybody, including families, business and the economy, benefits."