Cameron Wrongfoots Miliband With Pledge Not to Increase U.K. VAT

March 25, 2015 3:26 PM

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(Bloomberg) -- U.K. Prime Minister David Cameron ruled out increasing value-added-tax if he wins the May 7 election, wrongfooting the Labour opposition, which said Tuesday that he would increase the sales levy.

Labour leader Ed Miliband immediately said no one would trust the premier, pointing out the rate was increased to 20 percent from 17.5 percent in Chancellor of the Exchequer George Osborne’s first budget in 2010 after Cameron had said he had “no plans” to increase it.

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