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<p>VAT raised £130 billion in revenue in 2019/2020 for the Exchequer and plays an
important part in funding the Government’s spending priorities, including hospitals,
schools and defence.</p><p> </p><p>Reducing the standard rate would come at a considerable
cost to the Exchequer. However, the Government keeps all taxes under review.</p><p>
</p><p>In response to the COVID-19 outbreak, the Chancellor has announced a range
of measures to help individuals and businesses through the crisis, including grants,
loans and relief from business rates worth more than £300 billion.</p>
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