Britain: The ’secret plan’ being hatched by the Tories to raise VAT to 20%

www.dailymail.co.uk

Plans are being considered to increase VAT to 20 per cent in a bid to pull Britain out of the recession, should the Tories win the next election.

The move could bring in up to £10 billion a year and is being ‘very actively considered’ by senior Tories, according to shadow cabinet sources.

Should the Tories win the next election, which must be held by June, the hike could be introduced within weeks – and it could also be accompanied by a series of severe cuts to public spending.

Tory leader David Cameron and shadow chancellor George Osborne are thought to have reluctantly conceded that drastic financial action would be needed to tackle the country’s poor economy, which could be inherited by their party next year.

It is thought that the VAT hike alone will not be enough to get Britain out of the red and that significant cuts to public spending would have to follow.

A shadow ministerial source told the Sunday Telegraph: ‘Tax rises will have to be part of the equation. It will be time for some strong medicine.’ Read full article…

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