Despite the current outlook, the chancellor has enough options to show the world how a nation should take bold action at a time of global crisis. Whether No 10 will accept them is another issue
, from 17.5 per cent to 15 per cent. That was smart enough – an immediate first-thing-in-the-morning impact on sales and consumer spending, getting people into the shops . The even smarter bit was that the chancellor made it a temporary cut, a one-year only offer. Imagine if Sunak slashed VAT back from its current 20 per cent back to 15 per cent, but warned that it would be back up again in 2021. It had a major impact in 2008-09, and would do so again now.
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