Darling announces VAT cut
Alistair Darling is to cut VAT to 15 per cent from its current level of 17.5 per cent, he announced today.The chancellor also told the commons, as part of his pre-budget report statement, that a new tax band would be introduced after the next election.People earning over £150,000 a year would be charged 45p in the pound, rather than the current top rate of 40p.Other measures announced by Mr Darling include the extension of the £120-per-year income tax rebate for those on the basic rate past next April, when it will be raised to £145.Mr Darling's proposals received strong backing from prime minister Gordon Brown, earlier today in a speech to business leaders. "This is not the time to become prisoners of the old dogmas of the past," he said."All over the world, policy makers are leaving behind the solutions of yesterday and recognising that extraordinary times require extraordinary actions."
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