George Osborne announced increase on VAT
24 June 2010
From January 4th 2011 the VAT rate will rise from 17.5% to 20%.
A rise in Value Added Tax had been widely expected as the new coalition government attempts to rein in the budget deficit.
VAT is payable on all goods except for books and newspapers, most foods and children's clothing.
Utility bills carry a reduced rate of VAT of 5 percent and Osborne said this would rise to 6 percent.
"This single tax measure will by the end of this parliament generate over 13 billion pounds a year of extra revenues. That is 13 billion pounds we don't have to find from extra spending cuts or income tax rises," Osborne told parliament.
Filed under: VAT
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