reply to post by charles1952
I agree the elections will make the difference.
But probably only on how they present the problems and solutions.
I think they won't have much choice but to raise everything.
Even a value added tax might be in the works.
Many nations have it.
It's like a big national sales tax.
They might be keeping it quiet for now.
but next January, look out.
Payroll tax increases alone may not yield enough to cover the debts.
VAT basics for consumers
VAT (Value Added Tax) is a tax that you pay when you buy goods and services in the EU (European Union), including the UK. If you have to pay VAT
on something, it will normally be included in the price you see.
Standard rate
You pay VAT on most goods and services in the UK at the standard rate.
The standard rate of VAT increased to 20 per cent on 4 January 2011 but was 17.5 per cent for the period 1 January 2010 to 3 January 2011.
Reduced rate
In some cases, for example children's car seats and gas and electricity for your home, you pay a reduced rate of 5 per cent.
Zero rate
There are some goods on which you don't pay any VAT, like:
•most food items
•books, newspapers and magazines
•children's clothes
•some goods provided in special circumstances - for example, equipment for disabled people
Get Ready !
