"They have got debt to refinance; they have got the choice of doing the deals" to raise money, Mr. Scruton said, or risking downgrades in their credit ratings, which will increase the interest rate burden.
The revaluation added to the retail sector's business rates burden, increasing it by £226m this year.
Taking many market observers by surprise, however, bond yields have risen in recent days, fanning worries about a rising interest rate burden for the government.
As shown, the high interest rate burden caused by high debts is the story for the euro zone, not for elsewhere, which suggests it has as much to do with a flawed currency regime as debt per se.
(This is a huge interest rate burden, and the IMF projects it to increase to 8.6% by 2014. For comparison, despite all the noise about the US debt burden, net interest on the US public debt is currently at 1.4% of GDP). That would release enough funds for a serious stimulus programme, while they negotiate with the authorities for the inevitable debt write-down.
He added that he would like to see the business rate burden on childcare providers eased and that there was a problem regarding the generous state funding given to local authorities for childcare provision being passed in full to childcare providers, and not kept by local councils.
And while Greece will benefit from a debt revamping that reduces its interest rate burden in the years ahead, it is unclear how a country that has always depended on a state sector to help spur demand will be able to grow with its main economic engine effectively shackled by the budget cuts Athens is now promising.
Mr Attwood said: "The consequence of convergence is that the rate burden will change within the new council areas.
Amanda Bennett who is the development manager in Ballymena said the rates burden was making things particularly difficult for traders there.
