New tax bombshell: 20% VAT

[I AM NOT THAT GUY 5,715]

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.

http://www.timesonline.co.uk/tol/news/poli...icle7025833.ece

[Hilarious Clinton 452]

Bad weather and high taxes? I'm booking a flight now!!

[dakay ♥ 10]

huh!

[dalegg 143]

tackling Britain’s £178 billion deficit.

£178 billion? amateurs

[Mr. Big Dog 10,747]

Bad weather and high taxes? I'm booking a flight now!!

LOL