VAT could soar to 25% to tackle deficit

The think tank Institute for Fiscal Studies (IFS) claims Britons could be in line for another massive tax hike.

The IFS claims chancellor George Osborne may consider pushing VAT to 25% from its current 20% rate in an attempt to part-plug the UK's deficit. But such a move would be devastating for consumers.%VIRTUAL-SkimlinksPromo%