Bearbeiten von „RUTH SUNDERLAND: Time For A VAT Cut Chancellor“

Advice can be hard to give and  [https://www.kynghidongduong.vn/tours/tour-du-lich-ha-noi-bac-kan-ho-ba-be-cao-bang-hang-pac-bo-thac-ban-gioc.html tour thác bản giốc] even harder to receive, particularly if it comes from someone who used to do your job. <br>But Rishi Sunak should pay heed to two of his predecessors - from opposite sides of the political divide - when they urge him to cut VAT.<br><br>Mr Sunak is understood to have cooled on the idea of reducing the levy, and to want to wait and see how consumers respond to the gradual lifting of lockdown. <br>Problem is, there may not be time to do that: the downfall of shopping centre owner Intu is evidence enough of how rapidly retailers are running out of road and the situation is at least as dire in hospitality. <br>         Magic touch?: Chancellor Rishi Sunak needs a proper rabbit to pull out of the hat in his quasi-Budget<br>Two former Chancellors, Sajid Javid and Alistair Darling, have come out for a cut.<br><br>There is bound to be resistance within the Treasury. Tax revenues have been hard hit in the pandemic and VAT is a very nice little earner, channelling more than £130billion into the national coffers the last tax year. <br>The sums raised, at least pre-Covid, have risen strongly from £59millon 20 years ago. We might not like paying VAT, but the Government, so the argument goes, has got to raise money from somewhere. <br>Mr Sunak may doubt a cut is necessary to encourage spending, when the lucky ones among us who still have paypackets have been turned into enforced savers and therefore have plenty of money to splurge. <br>Perfectly true, but given the uncertainty about the economy, many will opt to pay down debts or ramp up savings instead. <br>In that context, a VAT cut would be a bold move and send a powerful signal from the Government that it wants people to shop for Britain. Another objection is that a blanket reduction would benefit online retailers, but it could be targeted at specific sectors. <br>   RELATED ARTICLES  [# Previous] [# 1] [# Next]     [/money/comment/article-8464401/ALEX-BRUMMER-jobs-catastrophe-averted.html  ALEX BRUMMER: Chancellor Rishi Sunak will have to make the...] [/money/news/article-8453149/Small-firms-struggling-land-Bounce-loan-cash.html  Small firms still struggling to land Bounce Back loan cash...] [/money/cars/article-8439837/Lockdown-costs-Treasury-2-5bn-lost-fuel-duty.html  First three months of coronavirus lockdown cost the Treasury...] [/money/news/article-8428477/UK-taxpayers-face-38bn-Covid-loans-TIME-BOMB.html  Britain's £38bn Covid loans timebomb: Government's rescue...]     Share this article Share   Setting aside the desperate need to get customers back into the shops, pubs and restaurants post-Covid, VAT at 20 per cent is too high anyway.<br><br>It is a 'regressive' tax, in that it hits the less well-off hardest.<br>The ability to control our own VAT rate is one of the potential benefits of Brexit. Readers of a certain vintage will recall that it was brought in to replace the old purchase tax when Britain joined the EU in 1973. <br>Under a 2006 directive, member states have to set a standard VAT rate of at least 15 per cent, but out of the EU those strictures no longer apply.<br><br>Other countries are already cutting, including Norway and Germany. <br>When Alistair Darling cut VAT to 15 per cent in 2008, to stimulate the economy after the financial crisis, it was judged to have been a success.<br>The cost then was around £12.5billion, and it would be more now. An overall reduction to 17 per cent now would cost £21billion, which is a lot of money - but as a one-off temporary hit it would give the Chancellor a lot of bang for his buck. <br>Mr Sunak has launched a barrage of initiatives, so many, in fact, that many people have already forgotten about a lot of them. <br>We all know about furlough and bounce-back loans but other measures, including relief on business rates and cash grants of up to £25,000 for some firms, are being overlooked along with great ideas such as £150m from dormant savings accounts to help charities, or the £500m fund for high-growth enterprises. <br>The Chancellor can always follow the example of another predecessor, Gordon Brown, who thought if something was worth announcing once, it was worth announcing multiple times.<br><br>But he could still do with a proper rabbit to pull out of his hat in his quasi-Budget next month. <br>A cut in VAT would have popular appeal and send a strong message of support to troubled parts of the economy.<br>In short, just the ticket.<br> <br><br>#fiveDealsWidget .dealItemTitle#mobile display:none<br>#fiveDealsWidget display:block; float:left; clear:both; max-width:636px; margin:0; padding:0; line-height:120%; font-size:12px<br>#fiveDealsWidget div, #fiveDealsWidget a margin:0; padding:0; line-height:120%; text-decoration: none; font-family:Arial, Helvetica ,sans-serif<br><br>#fiveDealsWidget .widgetTitleBox display:block; float:left; width:100%; background-color:#af1e1e;<br>#fiveDealsWidget .[http://www.medcheck-up.com/?s=widgetTitle widgetTitle] color:#fff; text-transform: uppercase; font-size:18px; font-weight:bold; margin:6px 10px 4px 10px; <br>#fiveDealsWidget a.dealItem float:left; display:block; width:124px; margin-right:4px; margin-top:5px; background-color: #e3e3e3; min-height:200px;<br><br>#fiveDealsWidget a.dealItem#last margin-right:0<br>#fiveDealsWidget .dealItemTitle display:block;  margin:10px 5px; color:#000; font-weight:bold<br>#fiveDealsWidget .dealItemImage, #fiveDealsWidget .dealItemImage img float:left; display:block; margin:0; padding:0<br>#fiveDealsWidget .dealItemImage border:1px solid #ccc<br><br>#fiveDealsWidget .dealItemImage img width:100%; height:auto<br>#fiveDealsWidget .dealItemdesc float:left; display:block; color:#004db3; font-weight:bold; margin:5px;<br>#fiveDealsWidget .dealItemRate float:left; display:block; color:#000; margin:5px<br>#fiveDealsWidget .footerText a:hovertext-decoration: underline;<br><br>#fiveDealsWidget .footerSmallfont-size:10px; padding-top:10px;<br>@media (max-width: 635px) <br>#fiveDealsWidget a.dealItem  width:19%; margin-right:1%<br>#fiveDealsWidget a.dealItem#last width:20%<br><br>@media (max-width: 560px)<br>#fiveDealsWidget #desktop display:none;<br>#fiveDealsWidget #mobile display:block!important<br><br>#fiveDealsWidget a.dealItem background-color: #fff; height:auto; min-height:auto<br>#fiveDealsWidget a.dealItem border-bottom:1px solid #ececec; margin-bottom:5px; padding-bottom:10px<br>#fiveDealsWidget a.dealItem#last border-bottom:0px solid #ececec; margin-bottom:5px; padding-bottom:0px<br>#fiveDealsWidget a.dealItem, #fiveDealsWidget a.dealItem#last  width:100%<br><br>#fiveDealsWidget .dealItemContent,  [https://www.kynghidongduong.vn/tours/tour-du-lich-ha-noi-bac-kan-ho-ba-be-cao-bang-hang-pac-bo-thac-ban-gioc.html kynghidongduong.vn] #fiveDealsWidget .dealItemImage float:left; display:inline-block<br>#fiveDealsWidget .dealItemImage width:35%; margin-right:1%<br>#fiveDealsWidget .dealItemContent width:63%<br>#fiveDealsWidget .dealItemTitle margin:  [https://www.kynghidongduong.vn/tours/tour-du-lich-ha-noi-bac-kan-ho-ba-be-cao-bang-hang-pac-bo-thac-ban-gioc.html tour thác bản giốc] 0px 5px 5px; font-size:16px<br>#fiveDealsWidget .dealItemContent .dealItemdesc, #fiveDealsWidget .dealItemContent .dealItemRate clear:both<br><br>TOP DIY INVESTING PLATFORMS    [  Low cost portfolios Low cost portfolios Cheap funds fee £1.50 fund dealing]  [  Investment ideas Free fund dealing First deal free Annual 0.45 per cent account charge]  [  Free investing No fees Free investing Regular investing with no fees]  [  Flat fees Great service Fixed monthly cost Dealing from £7.50]  [  Model portfolios Model portfolios Free fund dealing Tools and fund ideas]     [ > Compare the best investing platform for you]