However, a Local Government Association survey, which will be released next week, has found that town halls are forecasting a 44 per cent fall in income after interest paid by banks on deposits halved to 2.6 per cent.
This equates to a £642million fall in council cash........The shortfall, which could continue for several years, is likely to be far worse than the £900million local authorities lost on their cash deposits in collapsed Icelandic banks in September.
Obviously something else Our Great Leader, Saviour of the World, The Greatest Chancellor That Ever Lived, forgot to factor into his answer to our ills.
On the Greatest Chancellor That Ever Lived - Tony Blair has just shot that little epithet to shreds.
On the 'Saviour of the World' bit - anyone got a Hammer, Nails, Cross and Crown of Thorns - then he really could play the part!