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UK government refuses charity bailout

With confirmation that UK charities lost around £120 million in the recent Icelandic banking collapse the sector was hit again today when the UK Treasury refused a bailout for those in trouble. Citing the fact that other "not-for-profit organisations" such as police authorities, local councils and universities would have to wait in line for compensation from the Icelandic government, the UK authorities have refused to step in.

The bitter blow is made all the worse by the fact that the UK government had initially indicated a willingness to help UK charities through these troubled times, although this decision appears to have been turned on its head. This comes at a time when many people are openly suggesting that tactics employed by the UK Treasury to deflect any potential criticism about the Icelandic collapse actually exacerbate the problem. Those who followed this story will know that the UK government made a number of potentially damaging allegations during the midst of the early stages of the Icelandic banking collapse which many believe made a difficult situation very much worse.

UK charities, often forced to chase high interest earning accounts, have suffered the double whammy of reduced donations during the recession and the overall loss of £120 million due to the Icelandic collapse. Can the situation get any worse for the UK charity sector?

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