Debt management needs could increase as council tax looks set to rise
Debt management needs could increase as council tax looks set to rise
Tuesday 11th August 2009
It is anticipated that councils across Britain will use the tax as one way of supplementing losses suffered as a result of the economic downturn.
The Local Government Association (LGA) has revealed that its 350 member councils generated a cumulative sum of £4 billion less from property and investments compared with 2007/08.
It is this financial black hole that councils will somehow have to plug and a hike in council tax is expected to be one of the ways that they do so.
Vice-chairman of the LGA Sir Jeremy Beecham said that it was as a result of the recession that councils had to readjust their budget plans and that a great deal of local council finance was changing.
He said: "Town halls are feeling the effect of recession in exactly the same way as hard pressed homeowners and families.
"Low interest rates mean councils are much less able to rely on their savings, plummeting house and land prices have hit hard and income from leisure centres and a range of other services has fallen."
He added that he expected a number of council jobs to be cut over the next year.
Should council tax be raised, people who find themselves struggling with the balance of their payments might wish to consider speaking to a professional debt management specialist.
News article brought to you by Debt1 – UK debt management specialists
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