Fashion retailers join forces to implement VAT cut
Marks & Spencer, Arcadia, Bhs, Next, New Look and Mosaic Fashions have jointly confirmed they will implement the 2.5 per cent cut in VAT on Monday, or as soon as possible afterwards.
The retailers issued a joint announcement this evening saying that they will pass on a 2.13 per cent price cut on standard rated product "on, or as soon after Monday 1st December 2008, allowing for the complexities of implementing the changes required".
Meetings have been taking place over the past two days about how fashion retailers will present a united front on the issue. Many retailers are struggling with updating systems to accommodate the change, announced in Monday's Pre-Budget Report.
It is expected that most will take the discount off at the till, rather than reticketing all items.
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