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United Kingdom

Government 'will not raid school surpluses'

The government today has ruled out a blanket retrospective 5% levy on school bank balances, and announced a three-year budget settlement for schools from 2008.

But local authorities will still have the power to claw back what it calls "excessive" surplus revenues: an excess of more than 5% of their income at the end of the financial year for secondary schools, or 8% for primaries.

FULL STORY

Sourced from: The Guardian

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