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<p>Raising over £130 billion in 2019/2020, VAT is an important source of revenue for
the Exchequer and plays an important part in funding the Government’s spending priorities
including hospitals, schools and defence.</p><p> </p><p>A VAT reduction would therefore
come at a considerable cost to the Exchequer.</p><p> </p><p>In light of 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><p> </p><p>The Government keeps all taxes under review.</p>
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