Labour and Tories Commit to No VAT Increase in Next Parliament

• Labour and Conservatives have ruled out raising VAT if they win the general election
• Chancellor Jeremy Hunt stated Tories would not raise the main rate of sales tax
• Shadow chancellor Rachel Reeves also ruled out a VAT hike
• Labour has pledged economic stability and ruled out raising income tax and National Insurance
• Labour plans to charge VAT on private school fees to hire more state school teachers
• Both parties have now ruled out increasing VAT, income tax, and National Insurance
• Both parties are committed to reducing national debt as a share of GDP in five years
• IFS warns that public finances could be difficult to manage due to high interest payments and low economic growth.

Source: bbc.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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