UK retail group: Boosting VAT will cost millions

08/12/2009 | Retail Week (U.K.) (subscription required)

The British Retail Consortium says the UK government's insistence on returning the value-added tax to 17.5% will cost retailers £90 million. Meanwhile, shadow chancellor George Osborne has not ruled out an increase to the tax. Senior officials within the Conservative party reportedly are considering the possibility of raising the VAT to 20%.

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