Written question asked by Julian Sturdy (Conservative) on Wednesday, 6 May 2020, in the House of Commons. It was due for an answer on Monday, 11 May 2020. It was answered by Jesse Norman (Conservative) on Thursday, 14 May 2020 on behalf of the Treasury.
VAT: Coronavirus
- Question
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To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential effect on consumer spending of reducing the rate of VAT during the covid-19 outbreak.
- Answer
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VAT raised £130 billion in revenue in 2019/2020 for the Exchequer and plays an important part in funding the Government’s spending priorities, including hospitals, schools and defence.
Reducing the standard rate would come at a considerable cost to the Exchequer. However, the Government keeps all taxes under review.
In response to the COVID-19 outbreak, the Chancellor has announced a range of measures to help individuals and businesses through the crisis, including grants, loans and relief from business rates worth more than £300 billion.
Secondary information
- Type
- Written question
- Reference
- 43893
- Session
- 2019-21
- Subjects
- Consumers Expenditure VAT Coronavirus
- Link
- View this Written question on www.parliament.uk
Librarians' tools
- Timestamp
- 2020-05-14 15:51:16 +0100
- URI
- http://data.parliament.uk/writtenparliamentaryquestion/commons/2019-21/43893
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- http://indexing.parliament.uk/Content/Edit/1?uri=http://data.parliament.uk/writtenparliamentaryquestion/commons/2019-21/43893
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