Britain Cuts VAT by 2.5%

What's this? I thought all left leaning parties, such as the Liberal Party of Canada, thought that cutting consumption taxes was a bad idea?

Seems that Britain's Labour Party disagrees with the "conventional wisdom" of their Canadian Liberal cousins... they've decided to follow in the footsteps of our very own Right Honourable Stephen Harper, by cutting the VAT (their version of the GST), as a way to help stimulate their economy. They announced today that they're cutting their VAT by 2.5%, from 17.5% to 15%.

Of course, they're also raising other taxes to compensate, and borrowing significant amounts of money... steps which I hope our Government won't emulate in these tough times. But I find it very interesting that other G8 nations are looking at doing at least one of the very things that Mr. Harper has been repeatedly critizied for doing years ago.