Closed petition Cut the standard VAT rate from 20% to 12.5% to encourage economic growth
To encourage strong economic growth, the rate of Standard VAT needs to be reduced, ideally for a minimum of 5 years.
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This should encourage investment and help sustain economic growth and make Britain more attractive to businesses and investors.
Our economy is in peril and we believe one of the fairest ways to help low income households is to reduce the burden of taxation by lowering the standard rate of VAT.
Lower VAT rates stimulate growth and investment, but we need to go further than the previous 15% VAT rates of the past and look at bringing in a VAT rate that helps to support our country through global uncertainty.
The increase in trade that a reduction could generate should make up for the initial drop in tax revenue collected.
This petition is closed All petitions run for 6 months