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House of Commons Hansard
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11 November 2009
Volume 499
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To ask the Chancellor of the Exchequer what recent estimate he has made of the cost to the retail industry of the return of the rate of value added tax to 17.5 per cent. [299368]

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The Impact Assessment published at the 2008 pre-Budget report provides an estimate of the compliance costs:

http://www.hm-treasury.gov.uk/d/pbr08_vat_1845.pdf

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To ask the Chancellor of the Exchequer what his most recent assessment is of the effect on retail prices of the return of the rate of value added tax to 17.5 per cent. [299369]

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The Budget 2009 forecast is for CPI inflation to fall to 1 per cent. by the end of 2009 and increase to 1 per cent. in the second quarter of 2010. CPI inflation is forecast to remain below target in 2010 and then to return close to target during 2011.

Updated forecasts for inflation will be published later this autumn in the pre-Budget report, as is usual practice.