One of the most respected and senior economists in the world has just said that Gordon Brown's temporary VAT cut, the centrepiece of his plan for the recession, is not a 'good idea'.

BBC: IMF criticises the UK's VAT cut

Woolworths and Virgin Megastores will give their proceeds to the Band Aid Trust charity, while Chancellor Gordon Brown has decided not to charge VAT.

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Retailers Woolworths and Virgin Megastores will give their proceeds to the Band Aid Trust charity, while Chancellor Gordon Brown has decided not to charge VAT.

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Today BBC R4, 2nd July 1997 It's budget day and the Chancellor, Gordon Brown, is later announce a cut in VAT on domestic fuel.

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Mr Brown said he was lobbying other European leaders to reduce VAT on energy-efficient goods from 17.5% to 5%.

BBC: ANALYSIS