Possible tax rises have been high on the election coverage agenda as each of the parties sets out their plans for reducing the budget deficit, but little so far has been made of any hike in VAT.

A leading think-tank has argued that none of the three main political parties has ventured far enough in identifying the sort of spending cuts and tax rises that may be necessary to reduce the UK’s budget deficit.

A new government may have to give serious consideration to an increase in VAT, it has been forecast.

With the election looming, the main political parties have outlined what they intend to do on business support and tax.

The UK’s tax regime requires a major overhaul if the economy is to be balanced and competitive.

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