Wokingham Lib-Dems call for the resignation of the Tory Member responsible for Council Budgets (Wokingham Liberal Democrats)

Wokingham Liberal Democrats <info@wokinghamlibdems.org.uk>

Wokingham Lib-Dems call for the resignation of the Tory Member responsible for Council Budgets

May 13, 2009 12:00 PM

Wokingham Liberal Democrats have called for the resignation of Tory Councillor Anthony Pollock, the Executive member responsible for Wokingham Borough Council's budgets. This follows an investigation by the council's Overview & Scrutiny Finance Panel into the Council's investment of £5 million in Icelandic Banks.

Councillor Prue Bray (Leader of the Lib Dem Councillor Group and councillor for Winnersh ward) said, "Wokingham Borough Council risks losing millions of pounds. The council's own Overview & Scrutiny Panel's report says that 'the dominating political influence was to maximise returns from the Council's assets'. It was a terrible mistake to risk so much money in an unstable financial market.

"The Panel lays much of the blame for the risky investment in the Icelandic banks on Anthony Pollock, the Tory Executive member responsible for the council's budgets. The Panel's report says that he was unaware of early warnings about the Icelandic banks, didn't question the council officers on how they were investing the council's money, and didn't attend the two annual meetings between council officers and the council's financial advisers.

"It's quite clear that Anthony Pollock failed to carry out his responsibilities as Executive member for the council's budgets. He doesn't have the expertise required, and it seems he didn't even have the gumption to ask what was going on. He was paid £8,000 a year extra to oversee the council's finances. In my view if he had been paid nothing it would have been too much.

"Wokingham Council Tax payers need to have confidence in the council. We need someone with financial expertise in this role, someone who will ask searching questions and who won't allow the council to end up with millions of pounds of the public's money at risk. Anthony Pollock isn't up to the job, and he should resign immediately."