Credit ratings firm warns of 'tax shock' across Europe

By Heather Jameson | 01 July 2020

Coronavirus is set to cause an ‘unprecedented tax revenue shock’ for regional and local government across Europe, credit ratings firm Moody’s Public Sector Europe has said.

Most regional governments will have the capacity to absorb the shock through borrowing, while the centralised nature of the UK’s funding system would mean the tax shock would be ‘very small’ with more impact at the national level.

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