The price of an average new vehicle will rise about £300 ($445) in the U.K. as a result of the new Coalition government’s move to hike the value-added tax to 20% from 17.5%, effective Jan. 4. Chancellor George Osborne says in his budget speech that years of debt and spending made the VAT increase unavoidable. “This single tax measure will by the end of this Parliament generate over £13 billion ($19.29 billion) a year of extra revenues,” he says. “That is £13 billion we don't have to find ...
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