VAT rise permanent, says chancellor
George Osborne suggests VAT increase to 20% could be a permanent feature of the UK's tax regime
THE VAT RISE to 20% will be permanent, according to chancellor George Osborne.
Speaking to the Spectator, Osborne said that was a “structural change” to the tax system to help deal with the deficit.
The 50p tax rate on income above £150,000 was a temporary measure, he confirmed.
Osborne also suggested that lower taxation could become a policy after stability was brought to public finances.
“Once we can bring some stability to the public finances, we can look at reducing the tax burden on people.”