County banking scheme axed

3:12pm Tuesday 22nd February 2011 in Business By Adam Cornell

THE Banking on Essex scheme will close by the end of the financial year.

After handing out about one per cent - £500,000 - of the £50m available since the scheme began Essex County Council has decided to end it.

Opposition councillors described it as “a flop” which cost as much to set up as it handed out but the Tory led council refused to condemn the scheme as a waste of time and money.

Instead senior Tories emphasised the council’s desire to help businesses, especially during a period when some banks were not, and pointed to the dozens of associated schemes which helped.

See the full story in tomorrow’s paper.

Comments(4)

Goonerboy says...
5:51pm Tue 22 Feb 11

If anything is worth investigating by the gazette it is this scheme. The cost of setting up this scheme is significantly higher than the money paid out. It would be good to know where the sum, which I understand is in the region of £1,m has gone . No doubt it is to consultants and advisors . Someone should be held responsible for this , I know the chief instigator is now being investigated for alleged misdemeanors elsewhere but he could not set this up alone. Gazette ...over to you.

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Mr Anory. Jack says...
7:53pm Tue 22 Feb 11

I dunno,
you cant Bank on anything these days.
*
£millions in grants go, well, not quite to source..
£millions set aside for "just in case" never to be seen by our eyes..
*
Essex County`s grandious schemes,
all glass plate and chrome,
but still overlooks the most deprived...
*
Offers of helping out those "small" business, or start up schemes,
that never quit qualified..
*
Top rated earners @ County Hall,
sitting pretty, smirking, velvet collars on coats...
*
"Instead senior Tories emphasised the council’s desire to help businesses, especially during a period when some banks were not".....
*
you just cant Bank on anything these days....

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Boris says...
9:10pm Tue 22 Feb 11

Another of Lord Bonkers's loony schemes bites the dust.
Of course senior Tories defend this scheme which they are now axeing. After all, they can't admit they were wrong, can they?
Tory Party, squandering our money again.

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Mr Anory. Jack says...
11:30pm Tue 22 Feb 11

Boris wrote:
Another of Lord Bonkers's loony schemes bites the dust. Of course senior Tories defend this scheme which they are now axeing. After all, they can't admit they were wrong, can they? Tory Party, squandering our money again.
You know Boris, I have to agree with your comments here, when read inconjuction with tonights news on TV about the amount of shear waste in the airforce and navy schemes being scrapped, or put back a few years.
I know we can all accuse pre current party choices that were rolled out "after" the choosers left the building, but!
For me, to see brand new multi billions worth of UK airforce airplanes being cut up.. It cuts my pride..
Never has such catastrophic waste gone on since the ill fated TSR2 fighter/bomber.
This also was scrapped by the new government shortly after the TSR2`s maiden flights..
The "scrappers" then were Labour though.

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