Tuesday, 22 June 2010

Osborne’s VAT Budget bombshell

George Osborne announced a rise of VAT from 17.5 per cent to 20 per cent in Britain’s most austere Budget for 30 years. The Chancellor also unveiled a rise in CGT to 28 per cent for higher taxpayers and the freezing of child benefit. Public sector pay will be frozen for two years as he pledged to eliminate the structural deficit within five years.