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Conservatives split over Bank of Essex
July 31, 2009 10:48 PM
Originally published by Brentwood & Ongar Liberal Democrats
Originally published by Brentwood & Ongar Liberal Democrats
The ruling Conservative group at Essex County Council has dramatically split over its controversial decision to pump £50m of taxpayers' money into Santander - the Spanish bank that stepped in to run the so-called Bank of Essex. At a meeting on Tuesday some of the Conservatives voted to continue with a decision to extend the time during which the bank can lend money, whilst part of the group voted to stop the decision.
Cllr Tom Smith-Hughes, Lib Dem Leader on Essex County Council
Cllr Tom Smith-Hughes, Liberal Democrat group leader, said: "This decision will extend the period that businesses can access loans from Santander's windfall cash pot from Essex county taxpayers, from 2 years to up to 5 years. This is a radical change in the conditions of lending and today's meeting was called to discuss the issue.
"The Conservatives attempted to shut down the discussion without any questions being asked of the administration, so it was clear from the start that there is division in the Tory ranks as to how this project is being managed.
"I raised questions about the increased risk to taxpayers' money, the council's relationship with Santander and the quality of research into the project which called into question the whole basis of the county council's involvement, but we were not given satisfactory answers.
"The Liberal Democrats are delighted that an element of the Conservatives asked pertinent questions and then voted with us in rejecting this decision. However, there were not enough Tory dissenters to stop the decision which will now be implemented."
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