Cut In VAT Comes Into Effect

Shoppers take advantage of the reduced rate of Value Added Tax (VAT) as they buy goods in a supermarket in Bristol on December 1, 2008 in Bristol, England.  Chancellor Alistair Darling introduced the lower rate of 15 percent (down from 17.5 percent) as a method of helping the high street which is facing one of its gloomiest retailing forecasts for Christmas for many years.
Shoppers take advantage of the reduced rate of Value Added Tax (VAT) as they buy goods in a supermarket in Bristol on December 1, 2008 in Bristol, England. Chancellor Alistair Darling introduced the lower rate of 15 percent (down from 17.5 percent) as a method of helping the high street which is facing one of its gloomiest retailing forecasts for Christmas for many years.
( - Photo by Matt Cardy/Getty Images Europe)
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