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The frontrunner for the Tory leadership is mulling a five percentage point across the board reduction to value added tax. The measure could save families £1,300 a year. According to the Sunday Telegraph, Liz Truss, had discussed the possibility with advisers but a final decision would not be taken until after the end of Conservative leadership contest on 5 September. An estimate by the Institute for Fiscal Studies had put the cost of a five point reduction in VAT at £3.
