Will Rishi Sunak follow the example of the German government, which has announced that the German VAT rate will be reduced temporarily for the period from 1 July 2020 to 31 December 2020 from 19% to 16% (and the reduced rate from 7% to 5%)? Could the UK standard rate be dropped similarly to 15% (as it was during the financial crisis for the period from 1 December 2008 to 31 December 2009)? Alternatively, should VAT reductions be targeted to help specific industries, i.e. leisure and hospitality?
Further, should fiscal incentives be focused on social and environmental objectives by providing incentives to builders, landlords and property owners to install "green" energy efficient technology into new and existing buildings?
a further fiscal stimulus for the UK economy in the weeks ahead