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UK News

25 November 2008, 11:00

Pre-Budget Report - Cuts to UK's VAT Rate

 

Alistair DarlingUK Chancellor of the Exchequer Alistair Darling has announced a cut in the UK VAT tax rate from 17.5% to 15% until the end of 2009.

This is a £20 billion boost to the UK economy.

However Government debt levels will be higher than previously forecast.

Mr Darling also slashed economic growth forecasts for next year from 2.75% to between minus 0.75% and minus 1.25% - the biggest downward revision on record.

The pre-Budget report also contained announcements of a duty rise on alcohol, tobacco and petrol duty, to cancel out the effect of the VAT reduction.



Key Points
  • VAT cut by 2.5 percentage points
  • 45% tax rate on earnings over £150,000 from 2011
  • All National Insurance to go up by 0.5% from 2011
  • Economy to shrink by up to 1.25% next year
  • Borrowing to hit record £118bn
  • Public spending growth cut to 1.2%
  • Phased increase in vehicle excise duty
  • £60 Christmas gift for pensioners



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