Following hard on the heels of Chancellor Darling’s hugely expensive conjuring act yesterday afternoon, I understand a leaked paper now tells more of the story of his two and a half percent VAT reduction.
Public reaction so far seems to be jaw-dropping in its indifference, since two pounds fifty in every hundred pounds is hardly going to make us all rush out and empty the shelves at TK Maxx, particularly when retailers are already dropping their prices by twenty or thirty percent.
The most important commodity – food – is zero VAT rated anyway, so Chancellor Darling hasn’t made much of a courageous statement.
And now, it seems, the two and a half percent reduction wil be recouped by the Labout Government when they slide VAT up to eighteen or twenty percent over the next two years.
I’ve come to expect spin, smoke and duplicity from New Labour, but barely twenty four hours before the wheels fall off?
That’s got to be a record.