euro|topics - The UK sinks value added tax

Główny temat z dnia Wtorek, 25. Listopad 2008

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The UK sinks value added tax

The British government has decided to cut value added tax from 17.5 to 15 percent in a bid to revive the economy. The European press discusses the pros and cons of the move, asking whether similar steps can stimulate growth in the rest of the EU.

The Guardian - Wielka Brytania

The left-liberal daily The Guardian asks: "Will [Chancellor of the Exchequer Alistair] Darling's medicines work? Some may. The package of measures to help small businesses is excellent: targeted and thorough. The boost to consumers - the lion's share being that cut in VAT - looks more risky, although the targeting of payments to pensioners and the poor looks sensible, since these groups tend to spend more of their incomes. Even so, the economy is unlikely to have the short, sharp recession predicted by the government. ... The most crucial part of restoring the economy to any form of health lies not with more public spending, but with getting the banks lending again. Until then, predictions on growth or public finances are as much guesswork as analysis." (25/11/2008)

The Irish Times - Irlandia

The Irish Times writes that the while the step is a calculated risk for the British, it penalises the Irish economy: "This fiscal stimulus - via lower taxes - represents a calculated gamble. Given the weak state of the British economy, however, the risk is worth taking. ... Yesterday's move represents an adverse development for the Irish economy. In Border areas the continued weakness of sterling has made British goods much more competitive. To visitors from the Republic, a 15 per cent VAT rate makes cross border shopping increasingly attractive. ... It has happened just as the Government is raising VAT by half a percentage point (to 21.5 per cent). And with sterling likely to weaken further as a result of yesterday's fiscal package, that disadvantage seems set to increase." (25/11/2008)

die tageszeitung - Niemcy

The left-wing daily die tageszeitung praises the British initiative, noting that although cutting VAT would be expensive for the German government the UK has found a good solution: "The plan is to offset the tax deficit with higher income taxes for the rich later on. That's the way to go! This would mean that at the same time you address a social imbalance that has existed for too long in Germany too. Shifting the main burden of financing the state from direct taxes - or consumption taxes - to indirect taxes would mean that high earners cover a greater proportion of public expenses once more. Who would have thought that you could ever want the UK as a model for fiscal policy. But that's the way it is. Mr Brown, we'll let you take charge!" (25/11/2008)

La Repubblica - Włochy

The Italian newspaper La Repubblica welcomes the sinking of VAT as an act of social justice on the part of Prime Minister Gordon Brown: "The raise of income taxes - from 40 to 45 percent - to finance the reduction of the value added tax will affect a minority of around 300,000 people, but it will put an end to the alliance between New Labour and the privileged class forged by [Brown's predecessor Tony] Blair. The increase of the national debt from 2.8 to 4 percent of gross national product, which exceeds the Maastricht maximum of 3 percent for the Euro countries is of little concern to Labour's prime minister, especially as England does not belong to the Eurozone, and in spite of everything national debt is still lower than it was ten years ago. ... This is exactly where David Cameron is most critical, because what is given out today must be paid back tomorrow. But the initial reactions by the financial markets are positive, with a spectacular rise in share prices. If the economy sees a similar boom before Christmas, Brown could could win his bet." (25/11/2008)

To Ethnos - Grecja

The daily To Ethnos criticises the Greek government's decision to increase taxes by 7.1 billion euros in 2009 in a bid to counter the economic crisis: "The governments of other countries trying to solve the problem have resorted to completely different measures. Proof of this is British Prime Minister Gordon Brown, ... who has sunk VAT by 2.5 percent and thus cut taxes for the less well off in order to revive the market. ... The Greek government is acting like it either doesn't want to understand or can't understand the facts here. For this reason it keeps following the same practices it used last year or the year before: higher taxation to help it cover its failed financial policy. ... Not only is the government incapable of developing its own sound policy but it can't even ... copy the strategies of other EU countries." (24/11/2008)

» Cały przegląd prasy z dnia Wtorek, 25. Listopad 2008

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