View all newsletters
Have the short, sharp Spear's newsletter delivered to your inbox each week
  1. Wealth
April 8, 2010

No Marks

By Spear's

Sir Stuart Rose’s reasoning was completely wrong-headed on the Today programme this morning.

Sir Stuart Rose has nailed his colours (sailor-stripe navy and white, to judge by summer at M&S) to the mast: he told the Today programme that the Government shouldn’t put up National Insurance, but he’s happy with a rise in VAT. His reasoning was completely wrong-headed.

He said that NI punished all workers, but VAT could be avoided by not buying VATable items. You know, like biscuits or fruit juice or adult clothes or diaries or stationery. VAT hits the poor more than the rich – click here to read a paper from the Institute of Fiscal Studies to see the truth of this – and Sir Stuart should not be encouraging such a regressive move.

We are in a financial crater, and raising VAT will hit those who can least afford it. Unless, of course, what Sir Stuart meant to say was that we should only increase VAT on luxury goods, where it would be much more targeted…

Content from our partners
Stoneweg, Icona, and CBH Strengthen Partnership with Cromwell Acquisition, Adding €4 Billion AUM to Stoneweg
Why investors should consider investing in nature
HSBC Global Private Banking: Revisiting your wealth plan as uncertainty abounds

Select and enter your email address The short, sharp email newsletter from Spear’s
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network