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    I found this comment by Mervyn King, the Governor of the Bank of England. He told the Treasury select committee yesterday that the impact of the VAT cut may not be felt until "the second half of next year".

    That is very inconvenient for Brown, as that is when he thinks the economy will come out of recession (only to increase VAT again a few months later).

    If that does not demonstrate the absurdity of the VAT reduction I dont know what does. As I said before an increase to £10,000 in the nil rate tax band would cost the same but would put real money into the ecomony and have an immediate impact. It would help ease the impact of recession, provided it was funded by spending cuts, of course.

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