Jacques Borel called Chancellor George Osborne’s move “a burst of fresh air for the industry”. “It’s undoubtedly a good sign. I’m as hopeful as I was before [about securing a VAT reduction].
“I think what happened with the Chancellor was inevitable. I want to thank Mr Osborne. He made a courageous decision, and a reasonable decision. The Chancellor said he wouldn’t be drawn on the possibility of a VAT cut for the industry. It means VAT Club Jacques Borel will have to continue to analyse and inform.”
Industry veteran Borel added: “So far the Treasury is not convinced [on the argument to reduce VAT]. But when a salesman visits any potential buyers the first answer is ‘no’.”