George Osborne, British Conservative politician, Member of Parliament for Tatton and the current Chancellor of the Exchequer of the United Kingdom, is among the more prominent of political figures in the entire of United Kingdom. The VAT rise as to be taking place in the first week of January 2011 itself, will have people paying much, much more then right now.
As it is the entire of United Kingdom is seeing people battling growing inflation. For although, may be the recession period is going down, it is yet to settle down completely. From the current 17.5% that they pay now, it is bound to go up to 20%. The Chancellor in the mean while has been to a vacation from where he just returned. This is even as the common people battle from the price hikes.
Shadow Education Secretary Andy Burnham went on to the extent of saying that the government is a rather arrogant one. They are the least bit bothered about the poor situation in which the common people live.
Even productivity is bound to get affected by 0.2%. This is going to negatively affect the country’s economy. The VAT increase would thus mean the common average household of UK will be spending a minimum of £7.50 weekly and about £400 annually.
The VAT tax doesn’t apply on all things.
For once, food, chocolate bars and other household necessities as well see exemption from the tax increase. This perhaps also had people flocking the petrol stations and getting a huge supply of fuel before the price change. In fact, increasing price of every good saw people purchasing them in lots before the hike took place.
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