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‘VAT set to hit 20% next year’ as Cameron backtracks on NI rise and hikes capital gains

UK Daily Mail [1]
May 13, 2010

VAT will hit 20 per cent next year under the new coalition government according to a survey of leading economists.

As the Tories were forced into a series of backtracks to seal a coalition with the Liberal Democrats, 24 out of 29 economists used by the Treasury expect the rate to rise in the new Parliament.

Most of those questioned predicted the tax would increase from its current 17.5 per cent to 20 per cent before the end of 2011.

Before the General Election, both the Conservatives and the Liberal Democrats said they had no plans to raise VAT. But both parties refused to rule out tax rises.

Full article here [1]