"If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or your arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that you were our countrymen."

Sunday, 5 July 2009

VAT @ 20%

Sir John Major's views on a VAT rate of 20% left me completely unsurprised.

As we all know, in the Pre-Budget Report last November, Darling announced an emergency reduction in VAT to 15% to last until 31 Dec this year when it will revert to 17.5%.

What wasn't widely reported at the time was that this was done with permission of the EU (as are most things these days - you only have to click on the EU tag to see how it impacts on our way of life). However, it was only a deferment of payment: the shortfall must be made good and this would mean an increase above & beyond 17.5% to 20%.

I seem to remember a very brief spat in the press about it but can find absolutely nothing in any of the search engines to back me up now. Does anyone have something archived?

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