Showing posts with label New VAT rate condemned as tax on cost of fun in London. Show all posts
Showing posts with label New VAT rate condemned as tax on cost of fun in London. Show all posts

Thursday, 6 January 2011

New VAT rate condemned as tax on cost of fun in London | News: "The VAT increase has been called a “tax on London luxury” as the cost of having fun in the capital — from a cocktail to a night in a hotel — rises as a result of the tax rise.

The jump from 17.5 per cent to a record 20 per cent is expected to raise George Osborne about £2.3 billion in extra tax revenue from the capital, more than from any other region of the country.

But the burden falls disproportionately on London because so much of the nation's business and high value consumer spending is concentrated here.

Londoners will notice the difference in their cost of living from the moment they order their first latte of the day to a late night drink before bed.

Although many prices have simply been adjusted by the 2.1 per cent needed to keep pace with the VAT rise, others have gone up way beyond that. For clothes shoppers, high street fashion prices are expected to be up to eight per cent higher than last year once the sale stock is replaced by the new spring ranges."

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