New tax bombshell: 20% VATRoland Watson, Suzy Jagger and Rachel SylvesterThe Times Feb. 13, 2010 |
Rep. Thomas Massie Warns Congress is Trying to Pass Hate Speech Laws to Outlaw Criticism of Israel
ADL Urged Congress to Pass FISA Law Spying on Americans to 'Protect Israel'
'Sniper Seen on Roof Overlooking Pro-Palestine Protest' at Indiana University
Claim Jewish Student Was 'Stabbed In The Eye' by Pro-Palestine Protester Draws Mockery After Video Released
Axios Poll: Majority of Americans Now Want Mass Deportations
A rise in VAT is looming whichever party wins the general election, as Labour and the Conservatives draw up plans to balance Britain’s books. Alistair Darling and George Osborne, the Shadow Chancellor, are both considering raising VAT to as high as 20 per cent — the European average — from the current rate of 17.5 per cent, The Times has learnt. Doing so would raise an extra £13 billion a year at a time when financial markets are searching for signs that whoever takes power is serious about tackling Britain’s £178 billion deficit. Though Labour and the Tories have denied having any current plans to increase VAT, neither will rule it out and The Times understands a rise in the tax is being considered by both parties. One City source close to the Tory tax team said: “There is a view across the Conservative Party that VAT is going to have to go up.” Continued |