It was moved by Councillor Sir Ron Watson and seconded by Councillor Cuthbertson:
"That this Council:
(1) recognises the extreme hardship being caused to savers, many of whom are pensioners, by record low interest rates which have meant that their savings are being reduced in real terms by inflation and where the returns have been reduced by some 80%; and
(2) believes that the Government should consider a policy of not taxing the interest on savings until such time as interest rates are restored to normal levels."
An amendment was moved by Councillor Shaw and seconded by Councillor Dawson that the Motion be amended by the addition of the following text after the words “of not taxing the” in Part 2 of the Motion:
“first £10,000 per annum of”
Following debate, thereon, on a show of hands, the Mayor declared that the amendment was lost 35 votes to 23.
On a show of hands, the Mayor declared that the Motion was lost by 47 votes to 8 and it was
RESOLVED: That no action be taken on the Motion