Rates cut hits councils
THE Bank of England s decision to slash interest rates to their lowest level in the bank s history has caused more than a ripple of concern at two councils in Crow country. This week a Herts County Council spokesman said the new rate would mean the budg
THE Bank of England's decision to slash interest rates to their lowest level in the bank's history has caused more than a ripple of concern at two councils in Crow country.
This week a Herts County Council spokesman said the new rate would mean "the budget for interest received has been reduced by �4.4m."
Councillors at North Herts District Council (NHDC), who had warned only a month ago that jobs might be at risk if interest rates fell further, now says it is looking at the budget for 2010/11 and ways of making efficiencies.
Councillor Terry Hone, NHDC's deputy leader and portfolio holder for finance, said: "We have budgeted prudently and had already anticipated this rate reduction when setting our budget for next year.
You may also want to watch:
"However, we have concerns over how long interest rates will remain at the current low level, and we are already looking at the following year's budget to identify efficiencies.
- 1 Dozens die after catching COVID-19 in our hospitals
- 2 5 haunted locations that will give you a Halloween fright
- 3 'We were lied to' - Residents' dismay as development prompts privacy concerns
- 4 David Walliams’ Gangsta Granny coming to Cambridge stage
- 5 Signs on A505 to discourage littering after stretch becomes 'eyesore'
- 6 Tributes paid to 'greatly respected' coach operator
- 7 Julian Clary and Matthew Kelly star in 'a theatrical gem' at Cambridge Arts Theatre
- 8 No Time To Die is 'a bloated but entertaining slice of spy action'
- 9 Family pay tribute to 'truly special individual' killed in A1307 crash
- 10 Riverdance's 25th anniversary show lifts the roof off Cambridge Corn Exchange