Britain Cuts Tax on Goods, Services to 15%

Nov. 24, 2008
Temporary move to boost economy

British finance minister Alistair Darling on Nov. 24 cut tax on goods and services to 15% from 17.5% in a temporary move as part of a stimulus plan to boost the economy.

Darling said that the tax cut was equivalent to giving consumers 12.5 billion pounds (US$18.9 billion).

The tax reduction, contained in Darling's pre-budget report -- or curtain-raiser to the full budget due next year -- was aimed at getting consumers spending again to avert a recession.

Copyright Agence France-Presse, 2008

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