Businesses are to get additional time in which to update price labels after the rate of VAT reverts to 17.5 per cent.

Business groups greeted the Chancellor’s pre-Budget Report with a mixture of encouragement and dismay.

The Chancellor, Alistair Darling introduced a pre-election pre-Budget Report to the Commons that would, he said, “build a strong economy and a fair society”.

Pre-Budget Report 2009: an outline summary

Changes to the flat rate VAT scheme have been announced in the pre-Budget Report.

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