FILE PHOTO: Britain's Chancellor Rishi Sunak chairs the daily COVID-19 briefing at 10 Downing Street with NHS Medical Director for England Professor Stephen Powis in London, Britain May 29, 2020. Andrew Parsons/10 Downing Street/Handout via REUTERS
- British Finance Minister Rishi Sunak is ready to cut the value-added tax as part of the government’s latest efforts to tackle economic fallout from the coronavirus outbreak, the Sunday Times newspaper reported. Sunak has ordered officials to prepare options for reducing the sales tax, including a cut in the headline rate, and zero rating more products for a fixed period, the newspaper reportedThe finance minister may announce lowering the VAT and business rates in a speech in early July, the report added, citing officials.
Britain temporarily cut its value-added tax in 2008 during the global financial crisis, and Germany will do the same from July 1 for six months. Sunak earlier suggested he was open to the idea but would first need to see how quickly consumers resumed spending.
The Eternal Anglo lmao
Slashing taxes at the start of a massive global economic crisis is a very Tory, very terrible idea.
You mean Chancellor of the Exchequer, right?