VAT cut vital for growth

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Small firms are calling for targeted VAT cuts to restore growth in the UK economy.

Federation of Small Businesses regional chairman and Sheffield businessman Gordon Millward said:“The economy is still in a fragile state. More needs to be done to encourage businesses to take on staff and grow their business so that the recovery can really get back on track.

“We must see a cut in VAT to five per cent in the construction and tourism sectors to boost consumer demand. It is tangible measures like this that will actually help small businesses to be able to grow.”