Many UK retailers plan to raise prices with VAT increase

More than half the retailers and consumer goods manufacturers in the UK are planning to increase prices in 2011 as the value-added tax increases on Jan. 4, a KPMG survey found. "In today's price-sensitive market, any increases may well have a damaging effect on sales volumes," said Martin Scott, a partner at KPMG. "Any short-term boost to profitability may be offset if longer-term demand in the economy is dampened by pushing up inflation - and with economic forecasts predicting a slowdown in the new year, this could threaten an already precarious recovery."

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