Reduce basic VAT rate to 15%, with further reduction after we have left the EU

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Reduce basic VAT rate to 15%, with further reduction after we have left the EU

Petition Details

The 'Leave' camp pointed out that the EU sets minimums for VAT rates. The EU basic rate is a minimum of 15% but the UK is currently higher than this, at 20%.

We can't lower it below 15% until we leave the EU, but we *can* lower it to 15%, and then lower it more after we leave the EU

Additional Information

When the Leave campaign said that while in the EU, we would be unable to control our VAT rates. This is accurate, the EU sets minimums for different categories.

At the moment, we are still in the EU, so have to abide by those rules.

However, the basic rate of VAT in the UK is currently 20%. This is 5% more than the EU's minimum basic rate of 15% - meaning that we have control over that 5%. Let's get rid of that 5% that we *do* have control of, and once we have left the EU, reduce it further!

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