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Pre-budget to reveal VAT cut

Date: 24 November 2008

Chancellor Alistair Darling

Chancellor Alistair Darling is expected to reveal a host of measures to stimulate the economy in this afternoon's pre-Budget statement, including a cut in VAT to 15% from the current 17.5%.

However, according to national newspaper reports the Chancellor's VAT cut may only be a temporary move until the financial crisis abates.

Darling is also expected to announce a new higher rate of income tax at 45% for those earning more than £150,000.

BusinessCar will be publishing all the latest company car-related news from the 2008 pre-Budget report, together with the headline economic announcements on our pre-Budget microsite.

Check back at 3.30pm for regular updates.