Government urged to consider emergency VAT reduction

The government has again been urged to consider an emergency VAT reduction in order to help businesses once the coronavirus (COVID-19) lockdown ends.

The government has again been urged to consider an emergency VAT reduction in order to help businesses once the coronavirus (COVID-19) lockdown ends.

A new report published by think tank Policy Exchange has suggested that reducing the rate of VAT to 15% could help boost consumer spending in the short-term. The current standard rate of VAT is 20%.

The publication of Policy Exchange's report comes following rumours that Chancellor Rishi Sunak is reportedly considering reducing the standard rate of VAT to help tackle the economic fallout caused by the COVID-19 lockdown.

According to reports, the Chancellor is preparing to deliver a 'Summer Statement' in early July, in which he is likely to outline new initiatives on skills and apprenticeships, alongside measures to help boost the UK economy.

Experts have also recommended cutting employer national insurance contributions (NICs) and extending the business rates relief scheme in England and Wales.

Xero - Silver Partner ACCA logo IPSE Logo Sage Accountant Partner
About our team

As well as general accountancy and tax skills, our two directors also have individual specialist skills which enable us to provide clients with a first class service as and when required.

Learn more

Latest news
Contact Details

Please call:
01953 600683

Grant Matthewson, Wymondham Business Centre, 1 Town Green, Wymondham, Norfolk NR18 0PN

Home | Contact us | Site map | Accessibility | Disclaimer | Help |

© 2021 Grant Matthewson. All rights reserved. powered by totalSOLUTION

We use cookies on this website, you can find more information about cookies here.

Statutory Information: Grant Matthewson Limited are registered in England & Wales. Registration number: 4575000. Registered office address: as above.