Emergency Budget 2010: VAT up to 20%
Chancellor of the Exchequer, George Osborne, has announced that VAT will rise to 20% on 4 January 2011.
John Walker, national chairman of the Federation of Small Businesses, welcomed most of the Budget but highlighted the pain the VAT rise would bring. He said: "The increase in VAT to 20% will hurt small firms who will have to pass the increase on to their customers, unlike big business which can absorb the cost.
Lyndon Wood, chairman of Moorhouse Group, also noted that with the insurance broking industry being exempt from claiming back VAT the rise would have a "definite impact" on the bottom
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