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VAT has been slashed from 17.5% to 15% in today's Pre-Budget Report.
Chancellor Alistair Darling cut the rate by 2.5% to the lowest amount permitted under EU law in a move aiming to encourage increased consumer spending.
The cut, which comes into effect next Monday 1 December, is likely to cost the Government £12.5billion. To offset part of the cost, petrol duty has been increased.
The tax cut is only temporary, with VAT returning to its usual 17.5% level at the end of 2009.
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