Penryn town council's investment returns 0.004%
The shrewdness of Penryn Town Council’s investment decisions was called into question by one councillor last week.
Accounts presented to the council meeting showed that only £6.56 in interest had been received on a £165,033.06 investment – which would equate to an effective interest rate of 0.004 per cent.
Councillor John Langan, who raised the issue, said: “I’m sure we can do better than that – that’s no interest at all.”
Town clerk Michelle Davey said she would look into the council’s options for switching from their current providers, Lloyd TSB, as this had not been done since she took up the reins from former clerk Kevin Paul. Mr Langan welcomed the decision.