Value Added Tax. What a lame name for something that the government squeezes out of us to fill their coffers more.

So the Chancellor reduced the VAT from 17.5% to 15% citing that it would help stimulate the economy. The thing is, if people are worried about paying more for their mortgages, or not being able to get mortgages, or losing their jobs, and so on, having an extra 2.5% in a tax rebate in your pocket isn’t going to help much. They’re going to save money, not spend it.

Even more fantastical is the Chancellor’s penchant for avoiding the use of the word recession, politicians have a new buzzword: contraction.

If the government wants the economy to get moving again, force the banks to start lending to each other again. We’ve given them countless billions after all, I think that’s the least we can expect.

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