Value Added Tax

Part of Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 18th April 1991.

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Photo of Margaret Beckett Margaret Beckett Shadow Chief Secretary to the Treasury 12:00 am, 18th April 1991

Does the Chancellor recall saying last summer that the underlying rate of inflation was important because it left out the distortion of housing costs? Will not his VAT poll tax surcharge further increase an already worrying underlying rate? Does not that show two things? First, as last year, the Government are running risks with inflation and secondly, when the Prime Minister spoke of taking inflation by the throat, he meant that he was force feeding it.