When Alistair Darling lowered the rate of VAT last year he promised it would put more money into people's pockets.
According to the Daily Telegraph today this prediction has come to pass, quite literally. As a result, the extra coins that we now receive in change are wearing away at our pockets. And this is good news for dry cleaners and seamstresses who are being asked to sew up the holes!
And to think I predicted on my TaxBuzz blog that the VAT changes will HURT small businesses!