I am surprised that I am the first to post on this subject but was amazed at the predictions and hoped it wouldnt happen as it has.
What is the governments idea in this temporary move - the administration alone will take up the difference. Small items wont change in price and if it means that Foreign goods like tvs and cars are cheaper then the only ones that will benefit are the importers.
why on earth did they not target those industries like building that use labour and local materials and would boost that economy, crucial to growth!! Public works investment - take vat off refurbishment ( as it is for new build) and you really would see some change.
This is a huge waste of tax revenue that only those who can manipulate their vat will gain from - not the man in the street. Just like when we went metric.
Add in now a load of extra taxes like NI and LESS people will be employed.
Well I am disgusted.
Someone tell me I've got it wrong...