WRITTEN STATEMENTS OF OPINION TABLED ON 15/07/2010

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OPIN-2010-0044 - VAT Changes

Raised By:

Mark Isherwood

Subscribers:

Christine Chapman 20/09/2010

Lindsay Whittle 24/11/2011

William Powell 24/11/2011

Angela Burns 24/11/2011

Mark Isherwood 24/11/2011

VAT Changes

The National Assembly for Wales notes that:

The UK Coalition Government's decision to increase VAT is in order to pay for the bills of the past while planning for our future prosperity.

Food, babies and young children's clothes, footwear and books remain  zero rated.

The UK Government has asked the Office for Budget Responsibility to look into a fuel duty stabiliser which would aim to cushion fuel prices against rapid changes in oil prices.

The IFS has calculated that the impact of the VAT rise will hit the expenditure of the richest decile hardest, with the impact reducing progressively for every decile after that.