CUT VAT ON ALL GOODS AND SERVICES
This government should immediately set in motion plans to cut Value Added Tax by 1% every year until it reaches 10% for ALL GOODS AND SERVICES.
This reduction in such a regressive taxation would allow more revenues to be collected in the longer term whilst still ensuring that deficit reduction remains a commitment.
The long term strategy should be to simplify the tax system so that only income is taxed. This will facilitate growth amongst UK registered businesses, therefore protecting UK jobs, and keep prices competitive for all consumers in this country.
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