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The pre-budget report - pros and cons of all the proposals at a glance
Current version: 26 Nov 2008 | 04:10 | admin
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Yes, because... VAT cut to 15% from December 1st
The basic rate of VAT will be cut from 17.5% to 15% from December 1st. The cut will remain in place for 13 months, through to January 2010. This will cost the exchequer £12.5bn, some of which will be recouped from a rise in the duty on alcohol, tobacco and petrol.
This measure will do more to stimulate the economy than anything else because it rewards people who spend. The more they spend, the more they save. The fact the cut is being implemented as soon as possible means people wont wait before going shopping. At the fact it’s only a temporary cut means it will give us the short-term boost we need whilst allowing us to balance our books later.
The cut is tiny and wont make much difference to most people, poor people especially. That’s if the shops even pass it on, many will just pocket the difference. It wont even help us in the areas we really need help in. There’s no VAT on mortgages, loans, council tax, water rates, food or children’s clothes. This cut will only benefit the very rich, those who can afford to buy a new car or expensive items where 2.5% off makes quite a bit of difference. And it will cost shops to implement, all of whom have now got to change all their prices. By Monday.
Modified:
06 Apr 2010
