grandad wrote:
No, I am saying that the Labour Government increased VAT on petrol from 12.5% to 25% in 1974.
Your figures are misleading. VAT has long been the Tories favorite way of raising revenue while cutting income tax.
VAT was brought in in 1973 by the then
Conservative government at a rate of 10%.
The Labour government in July 1974 reduced the standard rate to 8% and introduced a new higher rate of 12.5% for petrol and some luxury goods.
In November 1974 Labour doubled the higher rate of VAT to 25%
In April 1976 this was reduced by Labour back to 12.5%.
The Thatcher
Conservative government in 1979, abolished the higher 12.5% rate and introduced a unified rate of 15%
Since then it has been continually extended to include more things.
The 1991
Conservative government increased the standard rate to 17.5%
In 1993, the
Conservative government extended VAT to domestic fuel and power at 8%, despite promising not to extend the scope of VAT during the 1992 general election.
1997 Labour reduced VAT on domestic fuel and power to 5%
Labour reduced the standard rate of VAT from 17.5% to 15% from 1 December 2008. and returned it to 17.5% from 1 January 2010
The current
Conservative/liberal bawbags increased VAT to 20% a year later - having denied they would during the 2010 election.
