German court deals Oskar £8bn blow

Charlie McCreevy may be feeling under the cosh over rent and rates reliefs and capital allowances for developers but spare a thought for his German counterpart.

As he prepared to get cabinet approval for the first Social Democrat budget in a united Germany, Oskar Lafontaine was hit by a ruling from the courts that will knock a hole of some £8.05 billion (€10.23 billion) a year in his tax revenues. The constitutional court ruled last week that married couples with children can write off large elements of childcare against tax - including school books and computer equipments.

Mr McCreevy needn't worry of course. It would never happen here.