Hammond under pressure: 'Give Britain Brexit reward - SLASH VAT'

PHILIP Hammond is under pressure to give people in Britain their reward for Brexit by slashing the cost of living with a cut in VAT. With the Chancellor due to give his Budget on 29 October, the pro-Brexit Economists for Free Trade (EFT) have calculated that he will have a Brexit dividend of £25 billion in 2020 and £65 billion in 2025.

According to Professor Patrick Minford, chairman of EFT, the dividend is only available if Britain gets a Super Canada style trade deal proposed by Brexiteers or a no deal.

But the bonus will not happen with Theresa May’s preferred Chequers proposal which ties the UK to EU rules.

The extra amount will allow Mr Hammond to make a four percent cut in VAT in 2020 bringing it down to 16p in the pound and then halve it to 10p in 2025.

The current rate of 20p was set by...
source: Express

2018-10-21 00:17
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