With this it will be convenient to discuss the following:
Clause 67 stand part.
New clause 1—Report on impact of value added tax—
“(1) The Chancellor of the Exchequer shall, within three months of the passing of this Act, publish a report on the impact of the increase in the standard rate of VAT which took effect from
(2) The report must estimate the impact of the increase in the standard rate of value added tax on—
(a) living standards;
(b) small businesses;
(c) the fairness of the taxation system; and
(d) economic growth.”.