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British VAT to increase to 20% next year.

  • 22-06-2010 3:38pm
    #1
    Tora Bora
    Closed Accounts Posts: 1,258 ✭✭✭


    Big British VAT increase to 20% from next year. Bad news for cross border shoppers.


Comments

  • #2
    RichardAnd
    Registered Users, Registered Users 2 Posts: 3,932 ✭✭✭RichardAnd


    But good news for Ireland as it might/will encourage people to shop back home thus keeping their money inside the country.


  • #3
    beeno67
    Registered Users, Registered Users 2 Posts: 1,218 ✭✭✭beeno67


    VAT probably won't have much of a difference,although from our point of view it is good to see their VAT rising. Every little helps. More important is the fact that UK inflation is way ahead of Irish and the recent fall in the value of the EURO makes prices higher in the UK for us.


  • #4
    amacachi
    Closed Accounts Posts: 23,316 ✭✭✭✭amacachi


    The stop of the decline of Sterling when their quantitative easing is finished have have a far bigger effect.


  • #5
    limklad
    Registered Users, Registered Users 2 Posts: 1,980 ✭✭✭limklad


    Tora Bora wrote: »
    Big British VAT increase to 20% from next year. Bad news for cross border shoppers.
    Not quite good news, but it is only a small dent on prices on the North shopping. Wages, rates etc are still far cheaper in the North so they will still benefit from cross border shopping.
    Sterling strengthening and Euro weakening is their major worry.


  • #6
    ardmacha
    Registered Users, Registered Users 2 Posts: 7,476 ✭✭✭ardmacha


    Wages, rates etc are still far cheaper in the North so they will still benefit from cross border shopping.

    Rates will surely be rising as things get tight. And the change in Sterling makes a huge difference, wages in the North that were €6 hour are now €7 hour.

    With significant inflation in the UK, Irish business will have a 20% improvement in cost competitiveness in a couple of years if these exchange rates continue. Since many businesses either sell in the UK or compete with UK suppliers this is one of the sources of recovery.


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  • #7
    snaps
    Registered Users, Registered Users 2 Posts: 7,138 ✭✭✭snaps


    could be bad news for us in ireland as we may well have our VAT put up as well next buget!


  • #8
    gurramok
    Closed Accounts Posts: 13,992 ✭✭✭✭gurramok


    Excise is not raised(only VAT by 2.5%) on booze and cigarettes up north so the incentive is still there to buy spirits at least. (there are competitive prices on beer down south which makes it not worthwhile trekking up)
    http://news.bbc.co.uk/2/hi/politics/10371590.stm

    EDIT: damn BBC not been specific!


  • #9
    hiorta
    Closed Accounts Posts: 457 ✭✭hiorta


    It looks as though the English Tories are trying to create a massive Christmas spending spree, especially on 'big-ticket' items.
    Wonder who the beneficiaries will be?


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