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Stroud District Council set to spend £2m clawed back from Iceland

By The Citizen  |  Posted: January 05, 2013

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DISTRICT leaders are set to invest £2million from money clawed back from the banking crisis in Iceland into Stroud's economy, housing and renewable energy, and freeze council tax.

Stroud District Council executive's spending proposals for next year show money that has been returned from the failed Glitnir bank will be spent in the next financial year.

Council leader Geoff Wheeler confirmed no service cuts are proposed.

"Our proposals aim to promote employment, strengthen the local economy and help the vulnerable," he said. "Due to sound financial management and the recovery of our Icelandic bank deposits, we are in a position to be able to invest in our district at a time when we really need to, with no increase in council tax."

He said £1.25million has been put forward for the next two years to support businesses, create jobs and promote growth. £100,000 will be used to attract employers to the district while £60,000 will be used for employment initiatives and apprenticeships."

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