Could a VAT increase inspire use of facilities management?
June 15th 17:25 Cost Management
UK retailers and other businesses could turn to facilities management cost reduction processes should a VAT rise lead to damaged consumer confidence.
A recently-published report by price comparison website uSwitch.com has revealed that increasing the rate of VAT from 17.5 to 20 per cent would see a number of consumers cut back on their spending.
According to the study, 59 per cent of shoppers would cut back on luxuries in the wake of a VAT rise.
The research also showed that 55 per cent of shoppers would begin to swap brand names for cheaper alternatives.
Rethinking big purchases, cutting back on eating out and postponing holidays were also highlighted as ways to reduce spending
Ann Robinson, director of consumer policy at uSwitch.com, commented: "Consumers are fully aware that this government's attempt to close Pandora's Box and to clean up this country's finances is going to be painful.
"Millions are struggling to make ends meet and in normal circumstances we would be looking to the government to help ease the burden. Instead, it's inevitable that they will have to take more money out of our pockets."
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