LONDON - England - A think tank of economic experts have suggested that reducing VAT would be the real booster of the failing UK economy.
Value Added Tax (VAT) is something remaining from the EU, and should be cut or completely removed to boost the economy.
On 1 January 1973 the UK joined the European Economic Community and as a consequence Purchase Tax was replaced by Value Added Tax on 1 April 1973. The Conservative Chancellor Lord Barber set a single VAT rate (10%) on most goods and services.
If the government were to dump VAT, which is now at 20%, it would be akin to having a rocket exploding under the UK economy, propelling it into the stratosphere.
Unfortunately, reducing or taking away the hated EU VAT is something that would need real balls, and this Tory government of tax and spend is devoid of anything apart from cowardice.
Instead, the dilly-dallying government are to increase corporation tax making the UK a place where foreign business will stay away, and growth will be stifled further. So much for growth? Coupled with skyrocketing interest rates, many businesses and homeowners will lose their assets.
The UK is truly fucked.
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