The rate of VAT will today rise from 17.5% to 20% as the Government looks to raise billions of pounds in order to trim the UK’s budget deficit. While many are prepared for the increase, retail sales are expected to be hit as consumers are expected to cut back on their spending over the coming [...]
Somehow it doesn't seem to put off people shopping for clothes/gadgets in my opinion. I think people will cut down in food shopping and general domestic products which they use day to day.
VAT rate rises today to 20%
