VAT rise to add £158 a year to essential household bills

The magic of Christmas came to an abrupt end for consumers on the 4th of January as VAT increased from 17.5% to 20%.

The hike will add an estimated £158 a year to essential household bills according to new research from uSwitch.com

Petrol, food and phone bills will be hardest hit.  The increases to essential household bills are a further blow to households following a recent report estimating that retail purchases for the average consumer are likely to rise by up to £500 next year as a direct result of the VAT increases.

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