VAT: The tax the Tories love to raise
This video charts three times the Tories have said they would not raise VAT:
- Before the 1979 election, then Shadow Chancellor Geoffrey Howe said the Tories had “no intention” of raising VAT. After the election, it was raised from 8% to 15%.
- Before the 1992 election, Chancellor Norman Lamont said he had “no need, no plans, and nor proposals to raise or extend the scope of VAT”. After the election, the scope of VAT was extended to gas and electricity bills.
- Before the 2010 election, David Cameron said there were “no plans” to raise VAT. In 2011, VAT went up to 20%.