Government urged to consider emergency VAT reduction

23 Jun 2020

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.

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

© 2020 DSJ Partners (UK) Limited. All rights reserved. | DSJ Partners (UK) Limited, 2nd Floor, 1 Bell Street, London NW1 5BY

Registered in England & Wales Registration number: 09346452.

Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England & Wales. Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C004601804.

In accordance with the disclosure requirements of the Provision of Services Regulations 2009, our Professional Indemnity Insurers are Arch Insurance (UK) Limited. Contact details: 5th Floor, Plantation Place South, 60 Great Tower Street, London EC3R 5AZ. Policy number P0014402PI2019SU0.

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