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Emergency Budget: VAT rises to 20%
Emergency Budget: VAT rises to 20%

By Tobias Benedetto VAT is to rise from 17.5% to 20%, as was widely expected. The chancellor George Osborne claimed the “unavoidable” hike will generate £13 billion towards clearing the deficit as he delivered his emergency Budget. The tax is considered regressive because it impacts on purchases rather than income, and therefore tends to hit… Read more »

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Sin taxes avoid further increases
Emergency Budget: Sin taxes avoid further increases

By Jonathan Moore There will be no increase in alcohol or tobacco duties, the chancellor announced today. The coalition government will also reverse the previous government’s plans to increase the duty on cider. There had been speculation drinkers could be hit by another increase in alcohol duty, after Labour chancellor Alistair Darling hiked the duty… Read more »