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Chancellor George Osborne may have to hike VAT to 25% as he continues his battle to restore Britain's economic health, analysts have suggested.
The Institute for Fiscal Studies (IFS) warned struggling Britons could face yet more spending cuts and tax rises because of weaker economic growth and lower tax revenues.
If these problems are permanent, the Chancellor will need to plug a £23bn black hole if he is to meet his financial targets by 2018, according to the respected think tank.
Achieving this from tax hikes alone would be "roughly equivalent to increasing the main rate of VAT from 20% to 25%", the IFS said.
http://news.sky.com/story/1016241/vat-may-have-to-rise-to-25-percent-warns-ifs
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