Official data yesterday showed that VAT revenues tumbled nearly 14% in March compared with March last year. In the full fiscal year they were down 0.2% to £72.9bn - the first full-year drop. The fall in revenues is remarkable given that the economy has had two severe recessions since the early 1970s that did not cause VAT revenues to drop.
Doomed I tell ya!
Doomed I tell ya!
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