Petition Reduce VAT to 15.5%

We know that a reduced rate of VAT can reap
economic benefits. In the last 12 months, there has been a reduction in income on national average of 7.9%, Utilities have risen way above inflation and food costs up by 12%

Due to this, the British public have cut back on spending to save for essentials like heating their home and feeding their children.

As the credit crunch bites, some of the first luxuries to go will be home improvements, eating out and a trip to the hairdressers. The British government must take advantage of these proposals to ensure our high street can survive the economic downturn. We have already seen a number of high street stores close due to falling customer levels. Lowering VAT will also help the motorist as they will instantly receive a 4.5% reduction in fuel prices.