Over the 12 months to the end of June this year, eight councils saw their recycling rates fall, with Swansea, RCT, Torfaen and Newport finishing the period with a figure below 50%.

BBC: Councils recycle 53% of waste, Wales figures show

In short, deductions, exemptions and the like lose their value as rates fall.

FORBES: Do The Math: Why Trimming Tax Breaks Won't Allow U.S. To Easily Cut Rates

By allowing their exchange rates to rise and fall as capital flows wax and wane, emerging economies should be able to keep a measure of control over their domestic monetary conditions.

ECONOMIST: Charting a different course | The