Labour’s VAT Bombshell - VAT UP to 19%

BBC News: Reports that the Labour Chancellor of the Exchequer Alistair Darling wanted to put up VAT but a veto came from PM Gordon Brown, while Chancellor Darling prevented a promise in the Labour Manifesto not to put VAT up. Thus when Labour attacks the Coalition Government it has to be seen as rank hypocrisy, at the end of the day taxes had to go up, and VAT is a good stream of money in to the government. The 156 billion deficit left by the last Labour Government has show the failure of Labour to reform itself, they had a chance in the good years to keep some of the money back for a rainy day but they spent it like drunk sailors. Thus the new Coalition Government has to cut government spending from 25% to 35% in some government departments. This is the age of austerity folks, the 1950s will look like the good times.