Friday, 10 October 2008

There are (not) one million cycle stands in...

Transport for London invested £40m with Kaupthing Singer & Friedlander, which has gone into administration.

That would have bought one million cycle stands.

Or a lot of cycling/walking crossing facilities.

Mark Wallace, campaign director at the TaxPayers' Alliance, said: "Every year we hear that councils don't have enough money and need to raise taxes but it seems they have had sufficient excess tax to salt tens of millions of pounds away. In short, they should not have stashed this money in the first place and they simply weren't equipped to try to be clever in the markets with it."

You said it, mate.