VAT To Be Cut To 15%
Published / Last Updated on 20/11/2008
VAT To Be Cut To 15%
As one of the drastic measures to prevent the UK moving into a huge recession, it has been hinted that the Chancellor, Alastair Darling, will announce cuts to VAT by as much as 2.5% to 15%, the lowest level allowed under EU law.
This is just one of the measures expected in a Pre Budget Report designed to prevent the UK economy moving into a ‘very deep recession’ as Lord Mandelson said on BBC TV.
We are extremely concerned by this and suggest it shows a total lack of understanding of how economics work. This will not deliver long term stability to UK and is merely ‘papering over the cracks’.
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