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Scottish tax payers set to take £45 million hit

While there is no good time to lose £45 million of tax payer's money, the news that Scottish local authorities have around £45 million with Icelandic banks is not good news for councils, for the government and for tax payers. As the SNP government continues it relentless crusade to place councils under as much spending pressure as possible - often taking the praise for scheme which are unfunded by central government - it seems as though the wheels may be about to come off the SNP bandwagon.

If as suspected it is finally confirmed that £45 million of tax payers money is at serious risk of being lost forever then we could see a whole host of SNP initiatives come under serious pressure. There is already speculation that not only could we see increases in local council taxes in the short term but a revamp of the proposed local income tax system to a higher level before it has even started.

As we have seen in the UK, the Icelandic issue has further highlighted the apparent wealth of these 'struggling' local authorities with money being stored in bank accounts for a rainy day while council tax bills move higher and higher.

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