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....Claire Kober, chair of the Local Government Association resources board, said many councils found themselves unable to turn down the chance to raise desperately needed money for local services. She went on: “Council tax rises are unlikely to prevent the need for continued cutbacks to local services. ... [Read full article on Guardian ]
Sunday 26th of March 2017 11:01:43 PM
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Latest Finance News related to Tax Rise

Council tax bills to rise in nine out of 10 English local authorities image
Source : Guardian [Read Article] Sunday 26th of March 2017 11:01:43 PM
....Claire Kober, chair of the Local Government Association resources board, said many councils found themselves unable to turn down the chance to raise desperately needed money for local services. She went on: “Council tax rises are unlikely to prevent the need for continued cutbacks to local services. ...
Student digs in Britain giving first-class returns image
Source : Guardian [Read Article] Thursday 16th of March 2017 03:40:59 PM
....One specialist developer of student accommodation laid on a golf day at a course just outside the resort town in the south of France to entertain wealthy prospective backers. While more traditional property assets have been hit by tax rises, more regulation and uncertainty surrounding Brexit, big investors including multinational investment banks and overseas pension funds have identified student housing as a goldmine that can generate big and predictable profits. ...
U-turn over Budget plan to increase National Insurance image
Source : BBC [Read Article] Wednesday 15th of March 2017 12:30:48 PM
....Analysis: By Kamal Ahmed, BBC economics editor. Beyond the political ramifications of Philip Hammond's U-turn on the Budget tax rise for the self-employed, the Treasury now has a new problem - the increase in the National Insurance rate was due to raise over £2bn by 2022. ...
Philip Hammond defends scrapping national insurance rise for the self-employed image
....”. Ann-Marie Trevelyan, a backbench MP who had raised concerns about the NICs rise, told the Guardian she welcomed the chancellor’s change of heart: “My leaflets had ‘no tax rises’ on them. ...
MPs not appeased by May's decision to review self-employed tax hike image
Source : Guardian [Read Article] Friday 10th of March 2017 06:48:53 PM
. Backbenchers unhappy at plans to increase national insurance for the self-employed promised to rebel against the introduction of the tax rise in the autumn, after Theresa May said on Thursday she would delay a vote on the issue. ...
Hammond went where Osborne feared to tread with tax on self-employed image
Source : Guardian [Read Article] Thursday 9th of March 2017 04:41:03 PM
....Hammond has made clear that he doesn’t want to be gimmicky, and his advisers have made great play of the fact that he’s not the sort of chancellor to pull political rabbits out of hats. He didn’t try to hide the tax rise, making a straightforward argument about fairness. ...
No rights, more tax: this is Conservative ‘fairness’ for the self-employed | Frances O’Grady image
....I hope Philip Hammond is thick-skinned. Today’s headlines have been bruising for the chancellor, with some commentators labelling his tax rise on the self-employed as an attack on middle Britain, and even aspiration itself. ...
Budget tax rise image
Source : BBC [Read Article] Thursday 9th of March 2017 01:40:23 PM
Institute for Fiscal Studies backs National Insurance increase image
Source : BBC [Read Article] Thursday 9th of March 2017 01:00:13 PM
....Mr Johnson added that the old National Insurance system also distorted the labour market, adding that there were huge incentives for companies to claim that people who work for them were self employed, rather than employees. But Mr Hammond is facing a backlash against the Budget announcement, which breaks a 2015 manifesto pledge on tax rises. ...
Budget 2017: Squeeze on family finances 'extended until 2020s' image
Source : BBC [Read Article] Thursday 9th of March 2017 07:40:05 AM
....Philip Hammond will find the analysis difficult to dismiss, he approvingly name-checked the think tank in his Budget speech yesterday. On the big controversy of the day - the tax rise for the self-employed - the Resolution Foundation supports the government. ...
Hammond: Budget National Insurance rise due to 'new challenges' image
Source : BBC [Read Article] Thursday 9th of March 2017 04:44:28 AM
....Chancellor Philip Hammond says National Insurance is being increased for self-employed workers because of "new challenges" the government faces. Mr Hammond is facing a backlash against the Budget announcement, which breaks a 2015 manifesto pledge on tax rises. ...
Few will spot the difference in national insurance – at first | Patrick Collinson image
. Is the tax rise for the self-employed a harsh new burden on gig economy workers? A hit on the “strivers” setting up businesses crucial for the economy? Or is it high time the self-employed paid their proper share of taxes? It’s just possible all could be true. ...
Budget: UK Plc gives its verdict image
Source : BBC [Read Article] Wednesday 8th of March 2017 04:07:53 PM
...."While the chancellor's logic about removing anomalies in the system is hard to fault, it has an emotional effect on self-starters - the very people the chancellor most needs to rely on. "[The] worry is that by binding themselves with the tax lock, the government will continue to look at the entrepreneurial sectors of the economy for the tax rises it needs. ...
Philip Hammond breaks manifesto pledge with budget tax grab image
Source : Guardian [Read Article] Wednesday 8th of March 2017 04:05:32 PM
Budget: Does NI rate rise break a pledge? image
Source : BBC [Read Article] Wednesday 8th of March 2017 03:04:52 PM
....Above profits of £43,000 a year, Class 4 contributions will still stand at 2%. The overall effect of abolishing Class 2 and raising Class 4 will be to raise an extra £145m per year by 2021-22, so it clearly is a tax rise. ...
Self-employed hit by national insurance hike in budget image
Source : Guardian [Read Article] Wednesday 8th of March 2017 02:24:49 PM
....Chris Leslie, former Labour shadow chancellor, said during the Commons debate on the budget: “On the point about the increase in national insurance contributions for the self-employed, don’t you think that the chancellor needs to explain why he’s breaking a manifesto promise made in the 2015 general election manifesto on that?”. Hammond suggested the tax rise was justified because the self-employed could now access the state pension more easily. ...
Business chiefs tell chancellor: reform business rates now to avert high street crisis image
.... Research by the Centre for Cities has found that business rates will fall in all but two cities in England and Wales – London and Reading. London faces a tax rise of 9% compared with cuts of 25% in Blackburn, Lancashire, and 24% in Blackpool, also in Lancashire, and Newport, Wales. ...
Budget 2017: No 'spending sprees', Hammond warns image
Source : BBC [Read Article] Sunday 5th of March 2017 02:20:28 AM
....Paul Johnson, director of the Institute for Fiscal Studies think tank, predicted the Office for Budget Responsibility would also revise its 2017 forecast upwards. He said that with "an awful lot of uncertainty" in the years ahead, Mr Hammond was trying to create "headroom" to avoid extra spending cuts and tax rises to cope with any problems that arise. ...
Is Finland’s basic universal income a solution to automation, fewer jobs and lower wages? image
.... Polling that shows support for the idea of a basic income – one poll in Europe suggested 64% of adults back the idea – invariably fails to ask voters whether they would be prepared to countenance the sort of tax levels needed to fund it. A basic income would therefore require a fundamental shift in our politics: leaders who are comfortable advocating unpopular tax rises. ...
Government urged to stop property tax hikes for 1,249 NHS hospitals image
Source : Guardian [Read Article] Wednesday 15th of February 2017 06:37:31 PM
....8% rise, according to research by the property consultant CVS. The cross-party group of politicians who have already expressed concern about the tax rise for hospitals include Steve McCabe, Labour MP for Birmingham Selly Oak, Royston Smith, Conservative MP for Southampton Itchen, and Annie Wells, Conservative and Unionist MSP for Glasgow. ...
Blow to City as London offices face £1.4bn rise in business rates bill image
Source : Guardian [Read Article] Tuesday 14th of February 2017 05:18:45 PM
....The bill will be picked up by occupiers of the offices, and is a new blow to the City’s banks, law firms and insurance companies as they weigh up their options after Britain’s vote to leave the European Union. Goldman Sachs, Nomura and law firm Linklaters all face tax rises, as does the Bank of England, which will pay £21m in business rates over the next five years and faces an increase of more than £1. ...
Less of the burden when reporting on tax forecasts, please | Brief letters image
Source : Guardian [Read Article] Friday 10th of February 2017 07:24:20 PM
. While the people of Surrey await full disclosure of precisely what was said, by who, and when, from their county council to the government on the issue of council tax rises (Report, 9 February), it is not unfair to point out that there certainly were compelling reasons for council leader David Hodge to try to get a special deal over the issue. ...
UK tax burden will soar to highest level for 30 years, warns IFS image
Source : Guardian [Read Article] Tuesday 7th of February 2017 10:00:11 AM
....Low levels of business investment and weak productivity growth were blamed for the economy’s weaker outlook for the rest of the decade, which will force ministers to raise taxes and cut spending to reduce the deficit. About £17bn of tax rises are planned over this parliament, pushing the tax share of GDP above 37% of national income for the first time since 1986–87. ...
The new retirement: how an ageing population is transforming Britain image
Source : Guardian [Read Article] Monday 16th of January 2017 08:07:13 AM
.... According to the report, the tax burden associated with an ageing society and higher dependency ratio – the ratio of non-workers to workers – will riseto £15bn a year by 2060. That is equivalent to a 4p income tax rise for the working age population. ...
Private health insurance sales surge amid NHS crisis image
Source : Guardian [Read Article] Monday 16th of January 2017 12:01:09 AM
....7% in 2015. But it added that further tax rises and Brexit may make 2017 a tough year for the industry. ...
FTSE 100 closes at new high in longest-ever winning streak image
Source : Guardian [Read Article] Tuesday 10th of January 2017 12:19:08 PM
....The FTSE 100’s record winning streak came against a very different background to the May 1997 gains. Then the market was boosted by Blair’s attempts to distance himself from previous Labour administrations and the trade unions, his move to abandon nationalisation and income tax rises, and the decision to give the Bank of England independence to set interest rates. ...
Councils told to keep tax hikes low despite social care budget holes image
Source : Guardian [Read Article] Friday 30th of December 2016 02:54:59 PM
. Ministers have told local authorities to keep council tax rises low amid reports that some are considering referendums on increasing charges by as much as 16% to cope with holes in their social care budgets. ...
Five-minute guide to the rising cost of care homes image
Source : Daily Express [Read Article] Sunday 18th of December 2016 12:01:00 AM
....6 billion hole in social care funding. This will come on top of annual council tax rises, which are normally capped at 2 per cent, and the total bill could cost households up to £150 more over the next two years, taking the typical Band D rate to £1,680 a year. ...
Buy to let: ‘We landlords are being vilified’ image
Source : Guardian [Read Article] Saturday 10th of December 2016 06:59:07 AM
.... Until now, he says, he has kept rents on his properties at around £500 a month when he could have charged market rates of around £550 because he wanted to attract good, long-term tenants. But now he says it is likely he will have to raise rents to above the market average to protect himself from the tax rises. ...
Greece must reform or leave eurozone, says German minister image
Source : Guardian [Read Article] Sunday 4th of December 2016 04:29:20 PM
.... The economic crisis enveloping Greece is far from over despite more than €300bn of emergency loans since 2010 when, after its first brush with bankruptcy, it received its first EU-IMF sponsored bailout. Amid relentless tax rises and budget cuts – the price of the aid – support for the euro is falling fast with graffiti extolling the virtues of the drachma appearing across the capital. ...
What to look out for in the autumn statement image
Source : Guardian [Read Article] Wednesday 23rd of November 2016 12:01:49 AM
....Fuel duty The car lobby wants a cut in fuel duty to offset inflationary rises in petrol, but a freeze is more likely. Insurance premium tax A favourite target of George Osborne, it is a below the radar tax rise on households and could be used again to raise money. ...
Barack Obama calls for 'meaningful debt relief' for Greece image
Source : Guardian [Read Article] Sunday 13th of November 2016 07:39:08 PM
.... After Athens, the US president flies straight to Berlin where he will dine with chancellor Angela Merkel on Wednesday. Greece, the recipient of three bailouts since 2010, has undergone brutal belt-tightening with successive rounds of budget cuts, tax rises and pension reforms in exchange for over €300bn in emergency funding. ...
UK houses now cost six times annual wages, says Nationwide image
Source : BBC [Read Article] Wednesday 2nd of November 2016 07:25:49 AM
....The average price of a UK house fell from £206,015 to £205,904, on a non-seasonally adjusted basis. The Nationwide said the weakness of the market may still reflect the changes to stamp duty in April this year, when landlords were faced with tax rises. ...
Insurance tax rise 'a raid' on consumers, says industry image
Source : BBC [Read Article] Friday 30th of September 2016 09:37:53 PM
Mortgage approvals fall as Brexit vote appears to subdue housing market image
Source : Guardian [Read Article] Thursday 29th of September 2016 11:08:58 AM
....Martin Beck, a senior economic adviser to the EY Item Club, said the decrease in approvals in August would not have been entirely down to the Brexit vote. “Stripping out the extent to which this is a consequence of post-EU referendum uncertainty, as opposed to other factors, including tax rises on buy-to-let properties earlier this year and ever more expensive housing, is problematic,” he said. ...
Prime London property prices to fall 9% this year, says Savills image
Source : Guardian [Read Article] Wednesday 21st of September 2016 10:29:25 AM
....The firm predicted that property values in these top-end enclaves would then stay flat during 2017 and 2018, with 0% growth, as Brexit negotiations continued, before bouncing back in 2019 with an 8% jump. “Post-referendum uncertainty has compounded the impact of successive tax rises on values in London’s prime housing market, and will delay the sector’s return to growth,” said Savills. ...
Buy-to-let rents rise to all-time high as demand for homes outstrips supply image
Source : Guardian [Read Article] Thursday 8th of September 2016 11:01:46 PM
....2%. Tom Bill, Knight Frank’s head of London residential research, said: “Supply has increased steadily over the last year due to uncertainty over price growth in the sales market following a series of tax rises and, to a lesser extent, the potential impact of the UK’s decision to leave the [union]. ...
Gold investment at highest ever level – 16% above previous record image
Source : Guardian [Read Article] Thursday 11th of August 2016 04:00:27 AM
....In India, farmers – who account for two-thirds of the country’s gold demand – are under pressure following a patchy monsoon and are buying less as a result. Government tax rises prompted widespread strikes of jewellers, which came to an end in April. ...

George Osborne jokes he feels 'good to be back in high-viz'
 image
Source : Telegraph [Read Article] Wednesday 10th of August 2016 03:31:29 PM
....The prospect of him remaining as Chancellor until the election of a new Conservative leader has infuriated eurosceptic ministers, who accused him of "scaremongering" and of announcing an "irresponsible" emergency Budget during the campaign. He faced an open revolt from more than 60 Conservative MPs after he threatened an emergency fiscal plan in the wake of a Brexit vote during the final weeks of the campaign, including £30million worth of tax rises or cuts. ...

Remoaners are determined to find bad news
 image
Source : Telegraph [Read Article] Friday 29th of July 2016 06:21:52 PM
.... Wolfgang Schaeuble, the German finance minister, came to London to tell us that “out means out”, and that we’d be treated like any third country; now he says that George Osborne told him to use those words, and that a special deal will be found. Mr Osborne himself threatened us with emergency tax rises; his successor talks, far more reasonably, of tax cuts. ...
A new day, a new Chancellor: A new economic policy? image
Source : BBC [Read Article] Friday 15th of July 2016 09:10:53 PM
.... . Unless there are huge tax rises or spending cuts that money will have to be borrowed. ...
Savers and borrowers braced for change amid Brexit fallout image
Source : BBC [Read Article] Friday 1st of July 2016 11:17:45 AM
....Then on Friday, Chancellor George Osborne cleared the way for an easing of further austerity. That makes it far less likely that the UK's vote to leave the EU may lead to additional tax rises or spending cuts. ...
Osborne abandons 2020 budget surplus target image
Source : BBC [Read Article] Friday 1st of July 2016 11:02:21 AM
....And these are pretty "non-normal" times. The abandonment of the fiscal target suggests the government could borrow more, presumably for investment in infrastructure and to mitigate the need for tax rises and spending cuts, if the economy does take a turn for the worse as some predict. ...
UK shares push higher on Carney speech image
Source : BBC [Read Article] Friday 1st of July 2016 07:12:36 AM
....41% higher, fell in mid-morning trade before recovering by lunchtime. During the campaign, Mr Osborne had warned of the need for a combination of £30bn of spending cuts and tax rises if the UK voted to leave the European Union. ...
Expect fall in UK living standards and foreign investment, MPs hear image
Source : Guardian [Read Article] Tuesday 28th of June 2016 06:39:20 PM
....Living standards are expected to fall as a result of the vote to quit the EU and foreign companies will be deterred from investing in Britain, according to economists appearing before a parliamentary committee. They called on the chancellor to ditch plans for a tough budget of tax rises and spending cuts in favour of higher public investment to prevent the UK sinking into recession. ...
Brexit: George Osborne says tax rises and spending cuts needed image
Source : BBC [Read Article] Tuesday 28th of June 2016 10:00:09 AM
....". Asked if that meant tax rises and spending cuts, he said: "Yes, absolutely. ...
Market pressure eases after Brexit rout image
Source : BBC [Read Article] Tuesday 28th of June 2016 07:32:45 AM
...."We are absolutely going to have to provide fiscal security to people, we are going to have to show the country and the world that the government can live within its means," he said. When asked if there would be tax rises and spending cuts, he said: "Yes, absolutely. ...
George Osborne: vote for Brexit and face £30bn of taxes and spending cuts image
....Steve Baker, a high profile Tory out campaigner, said he was shocked that the chancellor was “threatening to break so many key manifestos on which all Conservative MPs were elected”. And in a sign of the potential Tory rebellion Osborne could face if he does try to drive through the emergency measures, Baker said he would refuse to back the cuts to the NHS or the tax rises for “hard-working families”. ...
Turkey 'wins' 2016 house price Championship image
Source : Guardian [Read Article] Thursday 2nd of June 2016 05:01:19 PM
....6% lower than four years ago. Taimur Khan, senior analyst at Knight Frank, said the French property market had been hit by a combination of tax rises and near-flat economic growth. ...
You’re witnessing the death of neoliberalism – from within | Aditya Chakrabortty image
.... In Red Plenty, his magnificent novel-cum-history of the Soviet Union, Francis Spufford charts how the communist dream of building a better, fairer society fell apart. Related: Shinzo Abe postpones Japan tax rise after warning of economic slump. ...
IFS warns Brexit would extend austerity for two more years image
Source : Guardian [Read Article] Tuesday 24th of May 2016 11:01:23 PM
.... In the long run, lower GDP would likely mean lower cash levels of public spending. “To put this in context, dealing with the public finance effect would require at least an additional one or two years of ‘austerity’ – spending cuts or tax rises – at the same rate as we have experienced recently to get the public finances back to balance,” he said. ...
British property market has peaked, estate agency boss says image
Source : Guardian [Read Article] Tuesday 24th of May 2016 05:34:48 PM
....But it comes after figures from HM Revenue & Customs revealed a dramatic collapse in the number of house sales in April after a boom in March to beat higher stamp duty rates on second homes. Across the UK just 70,690 residential properties were sold in April compared with 173,430 in March as landlords rushed to beat the tax rise. ...
Japan dodges recession with 0.4% growth in first quarter image
Source : Guardian [Read Article] Wednesday 18th of May 2016 03:32:45 AM
....Local media have suggested Abe will delay hiking the levy over concerns it could damage the already fragile economy. A tax rise in 2014 – seen as key to helping pay down Japan’s enormous national debt – was blamed for ushering in a brief recession. ...
The super-rich blackmail us with threats to leave the UK. We should call their bluff image
.... But when the super-rich hold the rest of us to ransom, they do it through headlines. Comb through the newspapers and you see the pattern: any imposition on the wealthy – every tax rise or sliver of red tape or opposition policy – will apparently cause the poor souls to fly, faster than pigeons in Trafalgar Square. ...
Gold demand soars 21% in strongest first quarter on record image
Source : Guardian [Read Article] Thursday 12th of May 2016 08:59:27 AM
....Demand in India, the second-largest gold consumer, slumped 39% in response to the price rally but is expected to rise as much as 10% over the year as a whole. India’s jewellery market virtually ground to a halt in March when jewellers reacted to government tax rises with widespread strikes. ...
Bank of Japan shocks markets by voting against more stimulus image
Source : Guardian [Read Article] Thursday 28th of April 2016 03:37:07 AM
....The BoJ’s moves are a cornerstone of Abenomics, which has struggled to boost Japan’s lukewarm economy despite plenty of fanfare. In a sign of growing unease over Japan’s economy, the International Monetary Fund this month cut its growth forecast for the country, saying GDP would shrink next year as a planned sales tax rise tightens consumer spending. ...
Source : Reuters [Read Article] Thursday 14th of April 2016 06:22:59 AM
.... . But in the near term they forecast prices would slow due to tax rises on rental properties, June's referendum and Scottish and Welsh elections in May, while sales volumes were expected to dip for the first time since 2008. ...
Australia can't balance budget with spending cuts alone, says Moody's image
Source : Guardian [Read Article] Thursday 14th of April 2016 03:39:43 AM
....It said the government’s intention to cut spending would be “tested by significant spending commitments on welfare, education and health”. The report noted the government had ruled out a goods and services tax rise and scrapping negative gearing, leaving addressing superannuation tax concessions as a possible source for more revenue. ...
House sales could fall due to stamp duty changes and Brexit risk image
Source : Guardian [Read Article] Wednesday 13th of April 2016 11:01:01 PM
....”. The Bank of England’s latest credit conditions report, published on Wednesday, found mortgage lenders are also expecting a fall in enthusiasm for buy-to-let following April’s tax rise. ...
Source : Reuters [Read Article] Wednesday 13th of April 2016 09:24:47 AM
....The BoE survey showed declining demand for credit from businesses, though banks expected a rebound in smaller firms' appetite to borrow. Mortgage lending - which has been propelled in recent months by landlords buying properties before a tax rise - is set to become even more readily available. ...
Source : Reuters [Read Article] Wednesday 13th of April 2016 09:24:47 AM
....The BoE survey showed declining demand for credit from businesses, though banks expected a rebound in smaller firms' appetite to borrow. Mortgage lending - which has been propelled in recent months by landlords buying properties before a tax rise - is set to become even more readily available. ...
2016 tax year: what you need to know image
Source : Guardian [Read Article] Wednesday 6th of April 2016 06:00:30 AM
....The annual amount that can be made before tax is unchanged at £11,100. The amount anyone can earn before paying tax rises by £4oo a year, while the amount you can earn before paying tax at 40% has increased to £43,000 from £42,386 in 2015/16. ...
National price hike day: Millions hit with higher bills from TODAY image
Source : Daily Express [Read Article] Friday 1st of April 2016 12:05:00 PM
....". Jonathan Isaby, chief executive of the TaxPayers' Alliance, added: "Most families have faced a creeping Council Tax rise over the last 20 years so attempts to blame today's tax rise on recent central government spending reductions ring hollow in many cases. ...
Six things that are more expensive from 1 April image
Source : Guardian [Read Article] Friday 1st of April 2016 05:00:04 AM
.... Air passenger duty on economy flights to destinations more than 2,000 miles from London – eg Egypt, the US, India and further afield – rises from £71 to £73. For those travelling in other classes, the tax rises from £142 to £146. ...
Homes set to be hit with council tax hikes of £54 image
Source : Daily Express [Read Article] Thursday 31st of March 2016 05:01:00 PM
.... Across England council tax is set to increase by £181 in the next four years. Each council makes its own decision on tax rises but in recent years the Government has encouraged a freeze on bills by offering a grant to compensate for the losses. ...
Source : Reuters [Read Article] Thursday 31st of March 2016 08:38:41 AM
....Mortgage approvals have risen steadily for over a year as the initial effect of tougher residential mortgage regulation imposed in mid-2014 faded. More recently landlords have rushed to complete purchases before a tax rise takes effect in April. ...
Here comes a tax rise that dare not speak its name | David Brindle image
Source : Guardian [Read Article] Tuesday 29th of March 2016 11:30:25 AM
....Far from relenting, the chancellor, George Osborne, has gleefully continued to mine this rich seam, announcing in the small print of this month’s budget that he would be adding a further £2bn a year to public sector employers’ pension costs from 2019, a disguised spending cut, by changing the way their contributions are calculated. So we have spending cuts that aren’t called cuts and tax rises that aren’t called rises or indeed tax. ...
George Osborne refuses to be pinned down over future benefit cuts image
Source : Guardian [Read Article] Thursday 24th of March 2016 11:30:38 AM
....But Tyrie warned him that adjusting his spending plans twice a year – at autumn statements and budgets – in response to changes in economic forecasts, had created unnecessary instability. He urged Osborne to reflect on the way the rules were assessed, which at present force him to pencil in spending cuts or tax rises in several years’ time, to show that he can deliver a surplus on the public finances. ...
Independent Scotland would be facing £10bn black hole, says IFS image
Source : Guardian [Read Article] Wednesday 23rd of March 2016 06:00:18 PM
....“Independence would also, in principle, give the Scottish government more freedom to tax and spend more or less, which could have implications for the Scottish budget deficit. In practice, however, if an independent Scotland faced a budget deficit anything like that in our projections, spending cuts or tax rises would be needed to put the public finances on a firmer footing. ...

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