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Controversial Think Tank Suggests 2011 Banking Bailout

A controversial think tank, the independent New Economic Foundation, has today hit the headlines with a suggestion that the UK banking arena will require a second bailout during 2011. The think tank believes that a bailout to the tune of £25 billion a month may be required by the sector in 2011 although George Osborne, the Chancellor of the Exchequer, has dismissed such claims as speculation and unfounded.

UK Government Continues To Milk Motorists

UK motorists are again being hit in the pocket with news of a one pence increase in fuel duty brought in by the coalition government on 1 October. This move had already been pencilled in by the previous Labour government although unfortunately, for UK motorists, the coalition government has refused to backtrack on this particular price rise. With a further 0.76 pence charge per litre again pencilled in from 1 January 2011, and an increase in VAT from 17.5% to 20%, UK motorists will be digging deeper and deeper into their pockets.

Is The Irish Era Of Low Taxation Over?

Over the last few years we have seen a number of prominent UK companies transferring their headquarters to Ireland to take advantage of the beneficial taxation system in the country. While there is no doubt this has led to a significant increase in economic activity in Ireland, and even an increase in tax, income, there are fears that the ongoing economic turmoil will force the authorities to abandon this low taxation model and return to a more traditional taxation system.

Irish Government In Turmoil

After focusing upon the damaged banking system in Ireland the Irish authorities will this week begin further work on the budget deficit which has the potential, together with the financial crisis, to push the Irish economy under. Despite government assurances that no financial aid backing would be required investors are still running scared and the cost of Irish debt has reached record highs. So can the Irish authorities pull this one from the fire?

Irish Authorities Announce New Anglo Irish Bailout

The Irish government will later this week unveil plans for a further €5 billion capital injection into troubled bank Anglo Irish amid concerns that the economy is in serious trouble. While the additional €5 billion will bring the total to €30 billion, this is still short of the €35 billion forecast by the credit rating agency Standard and Poor's. However, investors appear to be more concerned than ever with the cost of borrowing for the Irish government moving ahead by 25 basis points today to a level similar to that seen just prior to the Greek international bailout.

George Osborne Delighted At IMF Rubberstamp

As you might expect, George Osborne, the Chancellor of the Exchequer, has today expressed his delight at IMF backing for the UK government's austerity measures in the short to medium term. As we covered in one of our earlier articles, the IMF fully understands the need for the UK government to slash public-sector spending to protect the UK government's international credit rating. When such a party as the IMF voices such a positive opinion it can only do good for the UK government as it attempts to get the message over to the UK electorate.

Scottish Labour Party Wants To Introduce A Living Wage

The Scottish Labour Party has today suggested a living minimum wage in Scotland which would be set at over seven pound an hour. However, one drawback with regards to the Scottish Labour Party suggestion is the fact that it would appear only public sector workers would benefit from this initially. The party hopes that it would then be able to force private sector companies to introduce a "living wage" although quite why the public sector deserves to be looked after before private sector employees remains something of a mystery.

Lord Ashcroft And His Tax Affairs

Yet again much of the media is focusing upon Tory peer Lord Ashcroft and his tax arrangements both in the UK and outside of the UK. The BBC is alleging that £17 million was transferred to a trust fund the day before new tax laws came in for sitting peers forcing them to pay tax on their worldwide income. It is believed that the funds transferred into a trust for his children could potentially save up to £3.4 million in inheritance tax charges in what is yet another blow to David Cameron and his campaign to distance himself from the wealthy and famous of UK society.

Council Tax Rises Would Have Hit The Poorest

The coalition government has today stepped back from a potential revaluation of council tax bands because of concern that any increase would see the poorest in society hit hardest. This is a sensible approach from the coalition authorities who have been accused of milking the poor to save the rich in light of recent austerity measures announced and set to be introduced in the short to medium term.

UK Government Rejects Calls For Council Tax Band Adjustments

Eric Pickles, the local government secretary, has confirmed that the UK government has no plans to change council tax bands in the UK which where last set in 1991 and reviewed in 1993. If a reassessment of the council tax bands was to take place it is almost inevitable that a significant number of families would see themselves pushed into the higher tax band thereby taking more money away from their monthly budgets when they can least afford it.

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