The Government plans to extend the lower VAT rate on gas and electricity to mitigate rising energy costs during winter. Senior cabinet sources express that further increases in household expenses could have damaging political consequences. Concerns are rising as energy companies prepare to raise prices. Additionally, the anticipated return of the 9% VAT rate for the hospitality sector has been postponed, reflecting broader economic challenges faced by the government.
The Government is making a desperate bid to stave off rising energy bills this winter, with plans to extend the lower rate of VAT on gas and electricity.
Senior cabinet sources indicate that it would be politically damaging for the government to further add to household costs due to rising energy bills.
Concerns are growing over energy companies planning to hike their prices, prompting the government to take action on VAT rates.
The return of the 9% VAT rate for hospitality has been delayed, reflecting ongoing economic challenges.
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