Gordon Brown’s temporary VAT cut is costing us all £31M a day.
At £31M a day, that’s nearly £1.3 an hour. Enough for a new adult education centre every hour of a 24 hour day.
Or, as Nick Clegg argues, you could use the total £12.5bn spent on the VAT cut to create 95,000 jobs nationwide.
The VAT cut is a drop in the ocean when retailers are already slashing prices to get the punters in. The Federation of Small Businesses says it’s had no impact at all. This money could have been spent so much better.