With this it will be convenient to discuss the following:
Clause 67 stand part.
New clause 1—Report on impact of value added tax—
“(1) The Chancellor of the Exchequer shall, within three months of the passing of this Act, publish a report on the impact of the increase in the standard rate of VAT which took effect from 4 January 2011.
(2) The report must estimate the impact of the increase in the standard rate of value added tax on—
(a) living standards;
(b) small businesses;
(c) the fairness of the taxation system; and
(d) economic growth.”.
2.47 pm