VAT Rises to 20 per cent
Published / Last Updated on 03/01/2011
The standard rate of VAT has now risen to 20 per cent. The government say the rise is needed to help reduce the UK’s high budget deficit.Business groups have warned that retailers will be hit by the increase, shadow chancellor Alan Johnson has warned the VAT increase will hit the poorest the hardest as they are the ones that spend a larger proportion of their incomes on taxed goods.
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