Dodgy TV show, dodgy deals

That’s television for you…the repeats are coming round faster and faster. Three months ago we had the unedifying sight of Prime Minister Brown and Chancellor Darling putting on a double act for the cameras, while trying to explain why they were handing over 37 million quid to bail out busted banks.

Today, viewers again saw the pair – visibly older, due to sleepless nights considering their fiscal foul-ups? – looking like Tweedle B and Tweedle D, apparently repeating the process as their efforts had failed first time around. This time they plan to throw ten times the amount of billions of taxpayers money at banks who are busted due to their irresponsible lending and fat cat lifestyles.

They told astonished, assembled media folk they didn’t know the final figure for this repeat bank bail-out because they didn’t have all the data on the toxic debts concealed by the banks. Tweedle B trotted out his infamous “We’ll do what ever it takes to solve this crisis” while alongside, Tweedle D spouted: “We are doing this for British families and to restore credit lines to British firms”.

“British families” are losing their homes and “British firms” are going bust every day, some even as the Tweedle B and Tweedle D Show hogged the airwaves.

Most viewing Brits would be in despair at such a pathetic performance, some would seriously ponder their future prospects under a leadership that allowed the banks to squander the deposits of, and profits made from, British families and businesses and then blame the US sub prime market for the recession.

The British Government allowed regulated British banks to stuff billions into such dodgy deals, so surely that’s how it started?

Meanwhile, over in sunny Spain, with the country teetering on the brink of recession, the leftist government has predicted unemployment may jump to 15.9% this year, compared with 11.33% registered during the third quarter of 2008.

In an interview published in El Pais yesterday, Finance Minister Pedro Solbes said the country had used up "all the public spending margin we have in tackling the economic crisis.” At least Spain had useful reserves, without calling on taxpayers to cough up for failing banks.

But there is good news for Brits in Spain and those planning to buy a property with the passing of Law 4/2008 confirming that Spanish Wealth Tax was finally abolished. Until now, non-residents have been required to present Form 214, the so-called "wealth tax return". The official name of this Form 214 is "Impuesto sobre el Patrimonio y sobre la Renta de No Residentes" ("Wealth and Income Tax Return for Non-Residents").

Following approval of this law, those non-resident individuals who have one or more properties in Spain are no longer required to pay Wealth Tax. However, while they are still required to pay the Income Tax for Non-Residents, tax handed over by Brits can be offset against UK income tax

Further good news for savers, specialist banks liked CAM in Spain are now offering non residents 5.40% interest on three month deposits – a much better deal than UK banks and ideal for would be buyers saving-up for their deposits.