The government saw off calls in Parliament to scrap the VAT rise or to delay it pending a review on its impact on certain groups but not without concerns being expressed by Lib Dem members.

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But deposit spreads should widen as rates rise, because banks can delay passing on some of the extra interest to savers.

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He would delay the VAT rise due to come in the autumn.

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The losses rise with each additional second of delay.

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Teenagers may be deciding to delay the time they start driving, a trend possibly connected to the rise in university admissions, said Mr Howard.

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