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UK's Liz Truss considers 5% cut in VAT if she becomes PM: Report

The govt has been facing growing calls to provide immediate financial support to households struggling with squeezed budgets as energy bills jump 80% to an average of 3,549 pounds a year from Oct

Foreign Secretary Liz Truss
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UK prime ministerial candidate Liz Truss

Reuters London
British leadership frontrunner Liz Truss is considering cutting value-added tax (VAT) by 5% across the board to help tackle the cost-of-living crisis if she succeeds Boris Johnson as prime minister next month, the Sunday Telegraph reported.
 
The government has been facing growing calls to provide immediate financial support to households struggling with squeezed budgets as energy bills jump 80% to an average of 3,549 pounds ($4,169) a year from October.
 
Truss's leadership campaign is considering the plan as a "nuclear" option, the Telegraph quoted an unnamed source as saying, with other options including a 2.5% cut in the VAT sales

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Topics : UK govt UK

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First Published: Aug 28 2022 | 9:48 PM IST

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