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20% VAT 'looming' as ministers face mounting debt crisis
Topic Started: Jan 22 2010, 10:01 AM (153 Views)
Old War Dog
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OldWarDog
20% VAT 'looming' as ministers face mounting debt crisis

A hike in VAT is ‘inevitable’ after the election as the government grapples with a mounting debt crisis, experts warned yesterday.

The Treasury will have to lift the tax from 17.5 per cent to 20 per cent to raise an extra £12 billion of revenue a year, according to analysts at consultancy Oxford Economics.

The next Government may also have to delay the state retirement age to 68 in order to cope with the biggest debt crisis since the Second World War, the report said.

The warning came as official figures revealed the UK government has borrowed almost £330 million a day so far in the current financial year - the most on record.

Read more: http://www.dailymail.co.uk/news/article-1245196/A-rise-VAT-inevitable-claim-experts-tackle-mounting-debt.html#ixzz0dKUfVLLP

We have a government that couldn't organise a piss up in a brewery and a future Tory government who couldn't organise a bunk up in a brothel. We're going to be paying 20% vat soon and retiring at 80 years of age! For what, so they can fund mass-scale immigration and foreign policy? By f**k do we need to vote these c**ts out!!
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Just wow.

I could have sworn they were trying to encourage people to buy things, with this AND a tax raise, who's going to buy anything luxurious?
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Capt Haddock
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Infidel
Well did you hear that inflation is on the rise too? Up 1.9% in a month?
This decade is going to be very difficult for us all.
Blistering Barnacles!
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rich people,
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TheEnglishmanDylan
Jan 22 2010, 11:13 AM
who's going to buy anything luxurious?
The days of when VAT was a luxury tax are long gone. For example, bottled water has VAT on it. Insurance, including home insurance (which is a necessity) and gas/electricity also have VAT, how you're meant to avoid heating/lighting your home I'll never know.
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Road_Hog
Jan 22 2010, 11:36 AM
TheEnglishmanDylan
Jan 22 2010, 11:13 AM
who's going to buy anything luxurious?
The days of when VAT was a luxury tax are long gone. For example, bottled water has VAT on it. Insurance, including home insurance (which is a necessity) and gas/electricity also have VAT, how you're meant to avoid heating/lighting your home I'll never know.
This is ridiculous, our country is slowly, but surely becoming a 3rd world country.
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i would suspect the rise in vat has been on the cards for a number of years . it will get us inline with europe which will then just leave the introduction of the euro then we are 100% part of the euro super state no more uk just e.u . totally governed by brussels we will be totally f**ked
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Deleted User
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Publicly the current establishment want the gap between the rich and poor to close. But behind closed doors I think it is safe to say it is the other way round.

Who ever gets in to power after the next election is going to have one hell of a job clearing up the Labour mess. Cuts and tax increases will have to come from somewhere... Lets just hope its in places that we can afford, say the EU!

I am resigned to the fact that I and you will be paying back for the chronic mismanagement of the past few years.

Lets just hope that the next lot in power make a better go of it. I really do not want to be living in a 3rd world country.
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the best and easiest way to pay back the debt is pull out of europe then the millions per day that our goverment pay the eu for the privalidge of being in it can then be used to pay of the debt and will not have such a high impact on the working classes cash. will we ever see a goverment that has the balls to do this or would the yanks allow us to do it. i very much doubt it but it is the best thing our nation could do
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Old War Dog
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OldWarDog
If anyone thinks the Tory government are going to be better than Labour then you'd better think again. Tories are all about looking after the rich and taking from the poor. They always have been. Taxes will rise further and public services will decrease (regardless of what that lying bastard Cameron tell you pre-election).

There are only two parties in this country that have the best interests of you and I at heart and I often wonder if one of those parties have been set up to draw votes away from the other one.
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