20% VAT under new coalition

24 out of 28 independent Treasury economists have suggested that the VAT rate will rise under the new coalition government.
It has been suggested that by the end of 2011 the VAT rate will rise from 17.5% to 20%.
This will raise an estimated £11.5 billion! WOW.
I suppose they have to get the money from somewhere to eat in to the deficit.
So long as they do not just introduce this for 12 months. That was a mess! If they decide to change then it has to be for good with lots of notice.

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