UK Scraps 5% VAT on Electricity

In one of his first moves as the UK’s new Prime Minister, Andy Burnham announced on Tuesday that the new Labour government would scrap the 5% value added tax (VAT) on electricity bills to help Britons cope with rising energy costs. The government will introduce a tax cut to remove VAT from domestic electricity bills from October 1 in time to impact the next Ofgem price cap on energy bills for households. This action is funded for this financial year, the new government, in office since Monday, s