Results tagged “VAT”

By Andrew Williams

It will not have escaped your attention that the VAT rate has risen back to its old level of 17.5 per cent. This is a mild irritation for us at Seventeen, as we have to remember to change our invoice templates and I shudder to think how stores with hundreds of lines of stock manage to keep track.

It was supposed to be the restorative to cure the ailing British economy. But has last week’s VAT cut done the trick in Canary Wharf?

The Wharf checked the pulse of stores in Canada Place and Cabot Place malls to see if the Chancellor’s gift was the perfect pick-me-up.

IT was billed as the financial plan which would help shrink the impact of Britain’s much-feared recession.

But Wharf shoppers and businesses have not flocked to praise the Government’s high-risk plan to kick-start the UK economy.

The Government has announced a 2.5 per cent cut in VAT until the end of 2009 as it moves to combat the effects of recession.

Chancellor Alistair Darling pledged to slash VAT to 15 per cent from next Monday (December 1), reportedly saving consumers around £12.5billion.