(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.—(Shabana Mahmood.)
Brought up, and read the First time.
Question put, That the clause be read a Second time.
The Committee divided:
Ayes 231, Noes 305.