December 12, 2005

EU and Tax

The EU's attempt to push it's way into the taxation system is coming to a head and we should get the result on Tuesday. Odds are that it will find in favour of M&S and suddenly a large chunk of taxation will get harmonised across the continent. The treasury stands to loose about £5 billion from this, which like the money that it is going to have to find when Britain looses some, if not all, of it's rebate has not been bugeted for by the Treasury. Finances are streched waffer thin at the moment so (yet more) tax rises are pretty well inevitable.


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