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PPI Claim News - 30/12/2009

 
VAT increase could leave over 50s facing bank charges

The planned rise in VAT will hit the over 50s the hardest and could leave many falling into unauthorised overdrafts and facing subsequent bank charges.

According to insurance provider RIAS, the 2.5 per cent rise in VAT scheduled to come into effect on January 1st will cost that particular demographic an extra £524 million in 2010.

VAT will be felt by all consumers when it returns to 17.5 per cent, the organisation claimed, but it will be an extra blow for over 50s.

This is because they outspend younger generations by nearly 13 per cent, or £21, per week, according to RIAS, meaning their VAT contributions will rise to £24 a week, up from £19 in 2009.

"While the 2.5% increase in VAT may not sound like a huge amount, over a year it really does add up and bolsters the already substantial contribution the over 50s make to the UK public purse," said Janet Connor, managing director at the company.

The over 50s typically spend £179 per week and contributed £6.6 billion to public finances in 2008.

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