Councils have at least £8billion invested in accounts abroad, leaving householders dangerously exposed to a global downturn.
The Treasury is considering an emergency repatriation of British funds amid fears that the cash is at risk.
Shadow Chancellor George Osborne backed the plan last night as the full impact of the public sector's exposure to the turmoil in Iceland set off alarm bells in Whitehall.
At least £1billion earmarked for schools, hospitals, housing, council care and police forces is known to be trapped in the Icelandic banking system.
The Conservatives claimed current figures showed that councils had vast sums invested around the globe.
One estimate puts the amount at £8 Billion
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This is criminal. £8billion of taxpayers money stashed away when councils all over britain are stinging the public with rate rises and reductions in all ready crap services.
IT'S TIME THE PUBLIC REALISED THE SCALE OF HOW THE COUNCILS ARE RIPPING THEM OFF!!!
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