Newcastle Airport windfall helps council cut tax rise
26.01.07
Council tax in County Durham could rise less than the rate of inflation, thanks in part to a windfall from the Council's shares in Newcastle Airport.
The airport restructured its finances late last year, giving a windfall of millions of pounds to the council. Originally it had planned to ask for a 4.6% increase for 2007-8 - the same as for the past three years - however, a dividend from its shareholding in the airport has helped reduce the rise to 2.9%.
Albert Nugent, leader of the council, said: 'We have had the benefit of a windfall dividend from our involvement in Newcastle Airport and we felt it only right that some of that should be returned to the taxpayers of the county.'
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