I've done it!
Since the Chancellor cut the rate of VAT, I have always thought that the "pence" savings were never going to add up to much and although collectivly it was a large tax cut people wouldn't necessarily feel the benefits (unless you bought something huge - which I rarely do). I thought that it wouldn't bring confidence or extra spending into the High Streets or net shops.
So I have been keeping a mental tally of my VAT savings on all of the bills and spending that I have personally done; and I am pleased to announce that I have now saved, thanks to Darling, my first £10 (yes, ten pounds!). Saved mainly through various utility bills and shopping at DIY stores, I was pushed over the edge of the tenner mark by a 7p saving in Tesco's this morning.
Fantastic - now I just need to decide what to do with the money I have saved!
Simple answer for me really, I've just donated £10 to the NSPCC via their fundraising web page. Normally I tend to donate to the BHF or Cancer Research but the NSPCC have been forced to make some pretty deep cuts in Norwich recently and for some kids Christmas isn't the time for joy it should be.
Charity is one of the biggest losers of recessions; and I am pretty sure that donations will be down across the board ironically at a time when we need them the most. I am a great supporter of charitable works because of how it fits in with my political beliefs; to mis-quote Hoover, "one dollar given in charity is worth ten dollars given by the state".
So my VAT cut has gone to charity; maybe the government will be upset with me that it isn't going directly into the tills?
UPDATE: The BBC is reporting that the IMF has said that the VAT cut will not impact consumer spending. There's a shock!