Monday, November 24, 2008
Adviser to the Treasury Select Committe thinks Darings as mad as a box of frogs!
A University of Manchester professor who acts as a special adviser to the Treasury Select Committe said today that it was "incredibly risky" for Alistair Darling to have cut the rate of VAT, given the dangers of deflation. The Chancellor today cut the purchase tax from 17.5 per cent to 15 per cent as part of a £20 billion fiscal stimulus to help the economy through recession. He said that the cut was equivalent to putting £12.5 billion back into the pocket of consumers over the next 13 months.