Credit card borrowing increased in December

Figures that have been released recently have shown that for the month of December the level of credit card borrowing increased, leading to an increase in overall consumer borrowing. Read more

Tags: Value added tax, sector, Credit card, consumer debt, end, small increase, bank of england, consumer spending

0.3 percent increase in retail sales for December

Figures have recently been released showing that in the month of December there was an increase of 0.3 percent in retail sales. Official figures proved disappointing when they showed that between November and December of last year retail sales grew by just 0.3 percent despite increased spending in the run up to Christmas. Read more

Tags: Value added tax, Christmas and holiday season, Tax reform, last year retail sales, Office for National Statistics, retail sales levels, Late 2000s recession in Europe

Shoppers get extra time over VAT rise

As most people are already aware the start of this year kicked off with the level of VAT being put back up to its original level of 17.5 percent. The level of VAT was reduced by the government last year from 17.5 percent to 15 percent in the hope that this would help consumers to save money, improve finances, and kick start the economy. However, the measure was a temporary one that has now come to an end, which means that in most places prices will now include VAT at 17.5 percent. Read more

Tags: Asda, john lewis, Taxation, Value added tax, Tax reform