Could VAT and NI Cuts Boost Economy?

Chancellor Rishi Sunak is reportedly drawing up plans for temporary tax cuts and other measures to help boost the British economy as it emerges from lockdown next month.

Facing a steep recession triggered by the coronavirus outbreak, which could involve high numbers of job losses and business failures, the Chancellor is searching for ways to bolster the economy and boost spending.

It is thought that the Chancellor is considering a range of options, including a VAT cut, a reduction in employers’ National Insurance Contributions and business rates reform.