Rachel Reeves’s 5% VAT cut on electricity bills will backfire, experts say

Critics believe cut would mostly benefit better-off people with larger homes and increase carbon emissionsProposals being considered by Rachel Reeves to cut tax on electricity bills will backfire, experts have warned, resulting in a giveaway to richer homeowners and undermining the UK’s climate commitments.The chancellor is understood to be looking at plans to eliminate the 5% VAT charge on electricity bills as a fast and simple way to reduce bills for consumers and ease the cost of living pressures which have aided the rise of Reform UK. Continue reading...