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Value Added Tax

Volume 975: debated on Friday 7 December 1979

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asked the Chancellor of the Exchequer what is his estimate of the effect of the recent value-added tax increase on the current rate of inflation.

It is estimated that of the 17·2 per cent. increase in the retail price index over the 12 months to mid-October, about 3½ per cent. was the result of the Budget increases in the 8½ and 12½ per cent. rates of VAT to 15 per cent.