Uk Times with the report. The Times didn't name a source.


  • A cut in VAT has been proposed by No 10 to curb inflation and help households with the cost of living crisis.

This is in relation to Steve Barclay, the prime minister’s chief of staff, suggested reducing the 20 per cent headline rate of the tax to 17.5%

  • Barclay proposed that a temporary cut would reduce the tax bill for millions and ease inflation
  • Treasury is concerned about the cost of the cut, has warned that it could ultimately fuel inflation by overstimulating the economy.
gbp chart update 01 July 2022

UK inflation is above 9%, its highest for 40 years.


GBP update: