Science centre hit by Iceland bank crash

Plans for a science research park in Norwich have been put on hold as the banking crisis hit Norfolk County Council’s funds.

The council, which looked set to provide £1 million towards the Genome Analysis Centre, had £32.5 million deposited in failed Icelandic banks.

It is unclear whether the council, just one of many organisations with money in Iceland, will get its funds back.

While councillors acknowledged the importance of the science centre, they agreed with leader Daniel Cox’s decision to put off pledging the funds until next month.

Mr Cox told the Norwich Evening News: "This type of project is required to take Norwich forward. But there are concerns about the financial situation facing the council in the very short term, so what I would like to suggest is we agree this in principle, but at this stage, given our uncertainty, to defer making the financial decision until our next meeting in November."

Current estimates suggest around 108 councils, as well as public sector organisations such as Transport for London, had up to £800 million in Icelandic banks.