25 November 2008

Mr. Darling's stealth sin tax

Those of us with the character flaws that lead us to smoke and drink were left out in the cold yesterday by the Chancellor's reduction in VAT to 15% as he increased alcohol & tobacco duty by the 2.5 percentage points necessary to offset the reduction in VAT. Anyone want to guess whether this increase is reversed when VAT rates go back up in a year's time? To quote the immortal Damon Runyon:
"The race is not always to the swift nor the battle to the strong -- but that's the way to bet it."

No comments: