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Fireworks

Happy New Year?

Date: 4. January 2011
Katherine Green and

Well, after lots of talk of fiscal consolidation, the first real day of reckoning has arrived: today VAT rose to 20% - the first increase in the main rate of VAT since 1991, moving the UK from below average to nearer the top of international comparisons. Fiscal consolidation may be necessary – to some degree at least - but the big worry about VAT is that it’s regressive...

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