VAT Rise in January to Hit Torbay Businesses

Adrian Sanders, MP for Torbay has highlighted concerns from traders in Torbay that the changes to VAT due to come in at the end of the year could cost the UK economy over £90million along with a serious pressure on retail staff.

Adrian has joined the campaign being led by fellow Devon MP Nick Harvey to introduce a four week reprieve for businesses to bring in the new tax rules.

Several businesses have contacted Mr Sanders, concerned that the timing of the changeover, which coincides with holiday trading, will cause significant disruption that can not be afforded in the current economic climate.

Adrian said “The introduction of the lower VAT rate not only cost the taxpayer, it cost retailers who had to hurriedly implement price changes across the board.  The Government has not learnt from this disruption and is planning to repeat the performance.  So little has been done to help businesses through the recession and the least Ministers can do is listen to the wishes of retailers on this case.”