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While the Bank of England has faced the dilemma of how much funding assistance to give to the UK markets without allowing backs to benefit directly, this situation is now being replicated in Europe...
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Sunday 20th July 2008
As we near the end of the Glasgow East by-election it seems to be silly season with all political parties indulging in a spot of mud throwing to see how much can stick before being cleared up after the by-election. The SNP has had their wings cut slightly with a scathing attack on their local council income tax scheme which would see everyone pay around 3p in the pound, as oppose to paying the old style council tax.
The move is aimed at those who are seen to be able to pay a little more but whether it will actually reach the light of day remains to be seen. With the SNP seemingly obsessed with taking Scotland independent at almost any cost, the UK government has become involved with the MoD suggesting that many of the armed forces will be substantially worse off under the proposals.
There are some suggestions that there will be a black hole in the region of £1 billion, meaning that taxes will need to rise or services will be cut. The SNP has refuted the allegations but the crux of the matter is the fact that Scotland would lose £400 million a year in council tax funding – supplied by the UK government – if the tax is scraped in place of the local income tax scheme. In many ways the SNP seem to be fighting a losing battle! |
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